kr

Value of 1987 Icelandic Kronur today

kr100 in 1987
kr764.32 in 2024

The inflation rate in Iceland between 1987 and today has been 664.32%, which translates into a total increase of kr664.32. This means that 100 kronur in 1987 are equivalent to 764.32 kronur in 2024. In other words, the purchasing power of kr100 in 1987 equals kr764.32 today. The average annual inflation rate between these periods has been 5.65%.

Inflation timeline in Iceland (1987 - 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 1987-2023 616.33%
Cumulative inflation 1987-today 664.32%
Avg. Annual inflation 1987-2023 5.62%
CPI 1987 19.33
CPI 2023 138.48
CPI 2024-06 (latest official data) 147.27
CPI today 147.76

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 1987 and 2023, use the corresponding CPI values:

Value2023
=Value1987 ×
CPI2023/CPI1987
=kr 100 ×
138.48/19.33
kr716.33

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 147.76:

Valuetoday
=Value1987 ×
CPItoday/CPI1987
=kr 100 ×
147.76/19.33
kr764.32

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 36 years between 1987 and 2023 and the average inflation rate was 5.6217%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.056217)36
kr716.33

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1987 kr7.16 kronur in 2023
kr5 kronur in 1987 kr35.82 kronur in 2023
kr10 kronur in 1987 kr71.63 kronur in 2023
kr50 kronur in 1987 kr358.17 kronur in 2023
kr100 kronur in 1987 kr716.33 kronur in 2023
kr500 kronur in 1987 kr3,581.66 kronur in 2023
kr1,000 kronur in 1987 kr7,163.32 kronur in 2023
kr5,000 kronur in 1987 kr35,816.6 kronur in 2023
kr10,000 kronur in 1987 kr71,633.21 kronur in 2023
kr50,000 kronur in 1987 kr358,166.05 kronur in 2023
kr100,000 kronur in 1987 kr716,332.1 kronur in 2023
kr500,000 kronur in 1987 kr3,581,660.49 kronur in 2023
kr1,000,000 kronur in 1987 kr7,163,320.98 kronur in 2023
Cumulative inflation From 1987 664.32%
Avg. annual inflation From 1987 5.65%
CPI 1987 19.33
CPI today 147.76

Value of Krona over time (by year)

Period Value
1987 100
1988 125.73
1989 151.82
1990 175.37
1991 187.31
1992 194.71
1993 202.58
1994 205.73
1995 209.12
1996 213.85
1997 217.73
1998 221.34
1999 228.5
2000 240.23
2001 255.62
2002 268.91
2003 274.43
2004 283.1
2005 294.39
2006 314.07
2007 329.94
2008 371.82
2009 416.46
2010 438.93
2011 456.49
2012 480.16
2013 498.76
2014 508.96
2015 517.27
2016 526.04
2017 535.31
2018 549.67
2019 566.23
2020 582.36
2021 608.24
2022 658.78
2023 716.33
2024-06 761.76
Today 764.32

All available years

Today's value of icelandic kronur by year:

1955 | 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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