Value of 1994 Icelandic Kronur today

kr100 in 1994

kr271.06 in 2018

The inflation rate in Iceland between 1994 and today has been 171.06%, which translates into a total increase of kr171.06. This means that 100 kronur in 1994 are equivalent to 271.06 kronur in 2018. In other words, the purchasing power of kr100 in 1994 equals kr271.06 today. The average annual inflation rate has been 4.07%.

Inflation timeline in Iceland (1994-2018)

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 (1994-2018) 163.21%
Total Inflation* 171.06%
Annual inflation avg. (1994-2018) 4.11%
Annual inflation avg.* 4.07%
CPI 1994 39.7
CPI 2018 104.48
CPI today* 107.6
kr1 in 1994 kr2.63 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 24 years between 1994 and 2018 and the average inflation rate has been 4.0693%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.04)24 = kr263.21

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 1994 was 39.7 and the CPI today is 107.6. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
104.48/39.7
= kr263.21

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1994 kr2.71 kronur today
kr5 kronur in 1994 kr13.55 kronur today
kr10 kronur in 1994 kr27.11 kronur today
kr50 kronur in 1994 kr135.53 kronur today
kr100 kronur in 1994 kr271.06 kronur today
kr500 kronur in 1994 kr1,355.32 kronur today
kr1,000 kronur in 1994 kr2,710.63 kronur today
kr5,000 kronur in 1994 kr13,553.16 kronur today
kr10,000 kronur in 1994 kr27,106.32 kronur today
kr50,000 kronur in 1994 kr135,531.59 kronur today
kr100,000 kronur in 1994 kr271,063.18 kronur today
kr500,000 kronur in 1994 kr1,355,315.88 kronur today
kr1,000,000 kronur in 1994 kr2,710,631.75 kronur today

Value of Krona in time (by year)

Period Value
1994 100
1995 100.53
1996 102.52
1997 104.62
1998 106.83
1999 108.09
2000 114.08
2001 118.91
2002 129.17
2003 131.75
2004 135.4
2005 140.65
2006 146.43
2007 156.72
2008 165.86
2009 195.95
2010 210.62
2011 215.85
2012 227.18
2013 236.73
2014 246.53
2015 248.57
2016 253.57
2017 258.38
2018 263.21
Today 271.06