Value of 1996 Icelandic Kronur today

kr100 in 1996

kr264.4 in 2018

The inflation rate in Iceland between 1996 and today has been 164.4%, which translates into a total increase of kr164.4. This means that 100 kronur in 1996 are equivalent to 264.4 kronur in 2018. In other words, the purchasing power of kr100 in 1996 equals kr264.4 today. The average annual inflation rate has been 4.32%.

Inflation timeline in Iceland (1996-2018)

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 (1996-2018) 156.74%
Total Inflation* 164.4%
Annual inflation avg. (1996-2018) 4.38%
Annual inflation avg.* 4.32%
CPI 1996 40.7
CPI 2018 104.48
CPI today* 107.6
kr1 in 1996 kr2.57 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 22 years between 1996 and 2018 and the average inflation rate has been 4.3179%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.04)22 = kr256.74

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 1996 was 40.7 and the CPI today is 107.6. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
= kr256.74

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1996 kr2.64 kronur today
kr5 kronur in 1996 kr13.22 kronur today
kr10 kronur in 1996 kr26.44 kronur today
kr50 kronur in 1996 kr132.2 kronur today
kr100 kronur in 1996 kr264.4 kronur today
kr500 kronur in 1996 kr1,321.99 kronur today
kr1,000 kronur in 1996 kr2,643.98 kronur today
kr5,000 kronur in 1996 kr13,219.89 kronur today
kr10,000 kronur in 1996 kr26,439.77 kronur today
kr50,000 kronur in 1996 kr132,198.87 kronur today
kr100,000 kronur in 1996 kr264,397.73 kronur today
kr500,000 kronur in 1996 kr1,321,988.67 kronur today
kr1,000,000 kronur in 1996 kr2,643,977.33 kronur today

Value of Krona in time (by year)

Period Value
1996 100
1997 102.05
1998 104.2
1999 105.43
2000 111.27
2001 115.98
2002 126
2003 128.51
2004 132.07
2005 137.19
2006 142.83
2007 152.87
2008 161.78
2009 191.13
2010 205.44
2011 210.54
2012 221.59
2013 230.91
2014 240.47
2015 242.45
2016 247.34
2017 252.02
2018 256.74
Today 264.4