kr

Value of 1989 Icelandic Kronur today

kr100 in 1989
kr488.44 in 2024

The inflation rate in Iceland between 1989 and today has been 388.44%, which translates into a total increase of kr388.44. This means that 100 kronur in 1989 are equivalent to 488.44 kronur in 2024. In other words, the purchasing power of kr100 in 1989 equals kr488.44 today. The average annual inflation rate between these periods has been 4.64%.

Inflation timeline in Iceland (1989 - 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 1989-2023 371.82%
Cumulative inflation 1989-today 388.44%
Avg. Annual inflation 1989-2023 4.67%
CPI 1989 29.35
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 1989 and 2023, use the corresponding CPI values:

Value2023
=Value1989 ×
CPI2023/CPI1989
=kr 100 ×
138.48/29.35
kr471.82

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

Valuetoday
=Value1989 ×
CPItoday/CPI1989
=kr 100 ×
143.36/29.35
kr488.44

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 34 years between 1989 and 2023 and the average inflation rate was 4.6687%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.046687)34
kr471.82

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1989 kr4.72 kronur in 2023
kr5 kronur in 1989 kr23.59 kronur in 2023
kr10 kronur in 1989 kr47.18 kronur in 2023
kr50 kronur in 1989 kr235.91 kronur in 2023
kr100 kronur in 1989 kr471.82 kronur in 2023
kr500 kronur in 1989 kr2,359.09 kronur in 2023
kr1,000 kronur in 1989 kr4,718.18 kronur in 2023
kr5,000 kronur in 1989 kr23,590.9 kronur in 2023
kr10,000 kronur in 1989 kr47,181.8 kronur in 2023
kr50,000 kronur in 1989 kr235,908.98 kronur in 2023
kr100,000 kronur in 1989 kr471,817.95 kronur in 2023
kr500,000 kronur in 1989 kr2,359,089.75 kronur in 2023
kr1,000,000 kronur in 1989 kr4,718,179.5 kronur in 2023
Cumulative inflation From 1989 388.44%
Avg. annual inflation From 1989 4.64%
CPI 1989 29.35
CPI today 143.36

Value of Krona over time (by year)

Period Value
1989 100
1990 115.51
1991 123.38
1992 128.25
1993 133.43
1994 135.5
1995 137.74
1996 140.85
1997 143.41
1998 145.79
1999 150.5
2000 158.23
2001 168.37
2002 177.12
2003 180.76
2004 186.47
2005 193.9
2006 206.87
2007 217.32
2008 244.91
2009 274.3
2010 289.1
2011 300.67
2012 316.26
2013 328.51
2014 335.23
2015 340.7
2016 346.48
2017 352.58
2018 362.04
2019 372.95
2020 383.58
2021 400.62
2022 433.91
2023 471.82
2023-12 484.22
Today 488.44

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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