Value of 1987 Icelandic Kronur today

kr100 in 1987

kr623.69 in 2018

The inflation rate in Iceland between 1987 and today has been 523.69%, which translates into a total increase of kr523.69. This means that 100 kronur in 1987 are equivalent to 623.69 kronur in 2018. In other words, the purchasing power of kr100 in 1987 equals kr623.69 today. The average annual inflation rate has been 5.89%.

Inflation timeline in Iceland (1987-2018)

The following chart ilustrates the equivalence of kr100 throughout the years due to inflation and CPI changes. All values are equivalent in terms of purchashing 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 obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator Value
Total Inflation (1987-2018) 505.62%
Total Inflation* 523.69%
Annual inflation avg. (1987-2018) 5.98%
Annual inflation avg.* 5.89%
CPI 1987 17.25
CPI 2018 104.48
CPI today* 107.6
kr1 in 1987 kr6.06 in 2018

* Values extrapolated from the last official data to obtain today's values.

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 compound interest formula or the Consumer Price Index (CPI) formula.

Using the compound interest formula

Given that money changes in time as a result of an inflation rate that acts as a compound interest, the following formula can be used: 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 31 years between 1987 and 2018 and the average inflation rate has been 5.8871%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.06)31 = kr605.62

Using the CPI formula

When the CPI for both start and end years is known, the following formula can be used:

Final value = Initial value *
CPI final/CPI initial

In this case, the CPI in 1987 was 17.25 and the CPI today is 107.6. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
104.48/17.25
= kr605.62

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1987 kr6.24 kronur today
kr5 kronur in 1987 kr31.18 kronur today
kr10 kronur in 1987 kr62.37 kronur today
kr50 kronur in 1987 kr311.85 kronur today
kr100 kronur in 1987 kr623.69 kronur today
kr500 kronur in 1987 kr3,118.47 kronur today
kr1,000 kronur in 1987 kr6,236.94 kronur today
kr5,000 kronur in 1987 kr31,184.72 kronur today
kr10,000 kronur in 1987 kr62,369.44 kronur today
kr50,000 kronur in 1987 kr311,847.21 kronur today
kr100,000 kronur in 1987 kr623,694.42 kronur today
kr500,000 kronur in 1987 kr3,118,472.1 kronur today
kr1,000,000 kronur in 1987 kr6,236,944.19 kronur today

Value of Krona in time (by year)

Period Value
1987 100
1988 124.39
1989 150
1990 187.8
1991 201.35
1992 216.53
1993 219.7
1994 230.09
1995 231.3
1996 235.89
1997 240.73
1998 245.8
1999 248.7
2000 262.48
2001 273.6
2002 297.22
2003 303.14
2004 311.54
2005 323.63
2006 336.92
2007 360.61
2008 381.63
2009 450.87
2010 484.62
2011 496.66
2012 522.72
2013 544.69
2014 567.24
2015 571.93
2016 583.45
2017 594.5
2018 605.62
Today 623.69