kr

Value of 1991 Icelandic Kronur today

kr100 in 1991
kr346.83 in 2022

The inflation rate in Iceland between 1991 and today has been 246.83%, which translates into a total increase of kr246.83. This means that 100 kronur in 1991 are equivalent to 346.83 kronur in 2022. In other words, the purchasing power of kr100 in 1991 equals kr346.83 today. The average annual inflation rate between these periods has been 4.09%.

Inflation timeline in Iceland (1991 - 2022)

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 1991-2021 224.72%
Cumulative inflation 1991-today 246.83%
Avg. Annual inflation 1991-2021 4%
CPI 1991 36.21
CPI 2021 117.59
CPI 2022-04 (latest official data) 125.08
CPI today 125.6

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 1991 and 2021, use the corresponding CPI values:

Value2021
=Value1991 ×
CPI2021/CPI1991
=kr 100 ×
117.59/36.21
kr324.72

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 125.6:

Valuetoday
=Value1991 ×
CPItoday/CPI1991
=kr 100 ×
125.6/36.21
kr346.83

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 30 years between 1991 and 2021 and the average inflation rate was 4.004%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.04004)30
kr324.72

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1991 kr3.25 kronur in 2021
kr5 kronur in 1991 kr16.24 kronur in 2021
kr10 kronur in 1991 kr32.47 kronur in 2021
kr50 kronur in 1991 kr162.36 kronur in 2021
kr100 kronur in 1991 kr324.72 kronur in 2021
kr500 kronur in 1991 kr1,623.59 kronur in 2021
kr1,000 kronur in 1991 kr3,247.19 kronur in 2021
kr5,000 kronur in 1991 kr16,235.93 kronur in 2021
kr10,000 kronur in 1991 kr32,471.85 kronur in 2021
kr50,000 kronur in 1991 kr162,359.27 kronur in 2021
kr100,000 kronur in 1991 kr324,718.54 kronur in 2021
kr500,000 kronur in 1991 kr1,623,592.7 kronur in 2021
kr1,000,000 kronur in 1991 kr3,247,185.4 kronur in 2021
Cumulative inflation From 1991 246.83%
Avg. annual inflation From 1991 4.09%
CPI 1991 36.21
CPI today 125.6

Value of Krona over time (by year)

Period Value
1991 100
1992 103.95
1993 108.15
1994 109.83
1995 111.64
1996 114.17
1997 116.24
1998 118.17
1999 121.99
2000 128.25
2001 136.47
2002 143.56
2003 146.51
2004 151.14
2005 157.16
2006 167.67
2007 176.14
2008 198.5
2009 222.33
2010 234.33
2011 243.7
2012 256.34
2013 266.27
2014 271.71
2015 276.15
2016 280.84
2017 285.78
2018 293.45
2019 302.29
2020 310.9
2021 324.72
2022-04 345.4
Today 346.83

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 |

Other currencies: