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Value of 1994 Icelandic Kronur today

kr100 in 1994
kr334.6 in 2023

The inflation rate in Iceland between 1994 and today has been 234.6%, which translates into a total increase of kr234.6. This means that 100 kronur in 1994 are equivalent to 334.6 kronur in 2023. In other words, the purchasing power of kr100 in 1994 equals kr334.6 today. The average annual inflation rate between these periods has been 4.25%.

Inflation timeline in Iceland (1994 - 2023)

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 1994-2022 220.22%
Cumulative inflation 1994-today 234.6%
Avg. Annual inflation 1994-2022 4.24%
CPI 1994 39.77
CPI 2022 127.36
CPI 2022-12 (latest official data) 131.9
CPI today 133.08

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 1994 and 2022, use the corresponding CPI values:

Value2022
=Value1994 ×
CPI2022/CPI1994
=kr 100 ×
127.36/39.77
kr320.22

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 133.08:

Valuetoday
=Value1994 ×
CPItoday/CPI1994
=kr 100 ×
133.08/39.77
kr334.6

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 28 years between 1994 and 2022 and the average inflation rate was 4.2442%. Therefore, we can resolve the formula like this:

Value2022
=PV × (1 + i)n
=kr100 × (1 + 0.042442)28
kr320.22

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1994 kr3.2 kronur in 2022
kr5 kronur in 1994 kr16.01 kronur in 2022
kr10 kronur in 1994 kr32.02 kronur in 2022
kr50 kronur in 1994 kr160.11 kronur in 2022
kr100 kronur in 1994 kr320.22 kronur in 2022
kr500 kronur in 1994 kr1,601.11 kronur in 2022
kr1,000 kronur in 1994 kr3,202.23 kronur in 2022
kr5,000 kronur in 1994 kr16,011.13 kronur in 2022
kr10,000 kronur in 1994 kr32,022.26 kronur in 2022
kr50,000 kronur in 1994 kr160,111.31 kronur in 2022
kr100,000 kronur in 1994 kr320,222.62 kronur in 2022
kr500,000 kronur in 1994 kr1,601,113.11 kronur in 2022
kr1,000,000 kronur in 1994 kr3,202,226.21 kronur in 2022
Cumulative inflation From 1994 234.6%
Avg. annual inflation From 1994 4.25%
CPI 1994 39.77
CPI today 133.08

Value of Krona over time (by year)

Period Value
1994 100
1995 101.65
1996 103.95
1997 105.84
1998 107.59
1999 111.07
2000 116.77
2001 124.25
2002 130.71
2003 133.4
2004 137.61
2005 143.1
2006 152.67
2007 160.38
2008 180.74
2009 202.43
2010 213.36
2011 221.89
2012 233.4
2013 242.44
2014 247.4
2015 251.44
2016 255.7
2017 260.2
2018 267.19
2019 275.24
2020 283.08
2021 295.66
2022 320.22
2022-12 331.65
Today 334.6

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 |

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