kr

Value of 1988 Icelandic Kronur today

kr100 in 1988
kr589.83 in 2024

The inflation rate in Iceland between 1988 and today has been 489.83%, which translates into a total increase of kr489.83. This means that 100 kronur in 1988 are equivalent to 589.83 kronur in 2024. In other words, the purchasing power of kr100 in 1988 equals kr589.83 today. The average annual inflation rate between these periods has been 5.05%.

Inflation timeline in Iceland (1988 - 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 1988-2023 469.76%
Cumulative inflation 1988-today 489.83%
Avg. Annual inflation 1988-2023 5.1%
CPI 1988 24.31
CPI 2023 138.48
CPI 2023-12 (latest official data) 142.13
CPI today 143.36

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 1988 and 2023, use the corresponding CPI values:

Value2023
=Value1988 ×
CPI2023/CPI1988
=kr 100 ×
138.48/24.31
kr569.76

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 143.36:

Valuetoday
=Value1988 ×
CPItoday/CPI1988
=kr 100 ×
143.36/24.31
kr589.83

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 35 years between 1988 and 2023 and the average inflation rate was 5.0972%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.050972)35
kr569.76

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1988 kr5.7 kronur in 2023
kr5 kronur in 1988 kr28.49 kronur in 2023
kr10 kronur in 1988 kr56.98 kronur in 2023
kr50 kronur in 1988 kr284.88 kronur in 2023
kr100 kronur in 1988 kr569.76 kronur in 2023
kr500 kronur in 1988 kr2,848.79 kronur in 2023
kr1,000 kronur in 1988 kr5,697.59 kronur in 2023
kr5,000 kronur in 1988 kr28,487.95 kronur in 2023
kr10,000 kronur in 1988 kr56,975.89 kronur in 2023
kr50,000 kronur in 1988 kr284,879.47 kronur in 2023
kr100,000 kronur in 1988 kr569,758.95 kronur in 2023
kr500,000 kronur in 1988 kr2,848,794.73 kronur in 2023
kr1,000,000 kronur in 1988 kr5,697,589.45 kronur in 2023
Cumulative inflation From 1988 489.83%
Avg. annual inflation From 1988 5.05%
CPI 1988 24.31
CPI today 143.36

Value of Krona over time (by year)

Period Value
1988 100
1989 120.76
1990 139.49
1991 148.99
1992 154.87
1993 161.13
1994 163.63
1995 166.33
1996 170.09
1997 173.18
1998 176.05
1999 181.74
2000 191.08
2001 203.32
2002 213.88
2003 218.28
2004 225.17
2005 234.15
2006 249.81
2007 262.43
2008 295.74
2009 331.24
2010 349.12
2011 363.09
2012 381.92
2013 396.7
2014 404.82
2015 411.43
2016 418.41
2017 425.77
2018 437.2
2019 450.37
2020 463.2
2021 483.79
2022 523.98
2023 569.76
2023-12 584.74
Today 589.83

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 |

Other currencies: