kr

Value of 1985 Icelandic Kronur today

kr100 in 1985
kr1,070.26 in 2024

The inflation rate in Iceland between 1985 and today has been 970.26%, which translates into a total increase of kr970.26. This means that 100 kronur in 1985 are equivalent to 1,070.26 kronur in 2024. In other words, the purchasing power of kr100 in 1985 equals kr1,070.26 today. The average annual inflation rate between these periods has been 6.27%.

Inflation timeline in Iceland (1985 - 2024)

The following chart depicts the equivalence of kr100 due to compound inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (ISK) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator Value
Cumulative inflation 1985-2023 934.92%
Cumulative inflation 1985-today 970.26%
Avg. Annual inflation 1985-2023 6.34%
CPI 1985 13.38
CPI 2023 138.48
CPI 2023-12 (latest official data) 142.13
CPI today 143.21

How to calculate today's value of money after inflation?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 1985 and 2023, use the corresponding CPI values:

Value2023
=Value1985 ×
CPI2023/CPI1985
=kr 100 ×
138.48/13.38
kr1,034.92

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 143.21:

Valuetoday
=Value1985 ×
CPItoday/CPI1985
=kr 100 ×
143.21/13.38
kr1,070.26

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: FV = PV × (1 + i)n, where:

  • FV: Future Value
  • PV: Present Value
  • i: Interest rate (inflation)
  • n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are kr100 worth today. There are 38 years between 1985 and 2023 and the average inflation rate was 6.3428%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.063428)38
kr1,034.92

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1985 kr10.35 kronur in 2023
kr5 kronur in 1985 kr51.75 kronur in 2023
kr10 kronur in 1985 kr103.49 kronur in 2023
kr50 kronur in 1985 kr517.46 kronur in 2023
kr100 kronur in 1985 kr1,034.92 kronur in 2023
kr500 kronur in 1985 kr5,174.61 kronur in 2023
kr1,000 kronur in 1985 kr10,349.22 kronur in 2023
kr5,000 kronur in 1985 kr51,746.12 kronur in 2023
kr10,000 kronur in 1985 kr103,492.24 kronur in 2023
kr50,000 kronur in 1985 kr517,461.21 kronur in 2023
kr100,000 kronur in 1985 kr1,034,922.42 kronur in 2023
kr500,000 kronur in 1985 kr5,174,612.08 kronur in 2023
kr1,000,000 kronur in 1985 kr10,349,224.17 kronur in 2023
Cumulative inflation From 1985 970.26%
Avg. annual inflation From 1985 6.27%
CPI 1985 13.38
CPI today 143.21

Value of Krona over time (by year)

Period Value
1985 100
1986 122.13
1987 144.48
1988 181.64
1989 219.35
1990 253.37
1991 270.62
1992 281.31
1993 292.68
1994 297.22
1995 302.13
1996 308.96
1997 314.57
1998 319.79
1999 330.12
2000 347.08
2001 369.31
2002 388.5
2003 396.49
2004 409.01
2005 425.32
2006 453.76
2007 476.68
2008 537.19
2009 601.67
2010 634.15
2011 659.52
2012 693.72
2013 720.58
2014 735.32
2015 747.32
2016 760
2017 773.38
2018 794.13
2019 818.07
2020 841.37
2021 878.76
2022 951.77
2023 1,034.92
2023-12 1,062.14
Today 1,070.26

All available years

Today's value of icelandic kronur by year:

1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |

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