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Value of 1996 Icelandic Kronur today

kr100 in 1996
kr321.72 in 2023

The inflation rate in Iceland between 1996 and today has been 221.72%, which translates into a total increase of kr221.72. This means that 100 kronur in 1996 are equivalent to 321.72 kronur in 2023. In other words, the purchasing power of kr100 in 1996 equals kr321.72 today. The average annual inflation rate between these periods has been 4.42%.

Inflation timeline in Iceland (1996 - 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 1996-2022 208.06%
Cumulative inflation 1996-today 221.72%
Avg. Annual inflation 1996-2022 4.42%
CPI 1996 41.34
CPI 2022 127.36
CPI 2022-12 (latest official data) 131.9
CPI today 133.01

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 1996 and 2022, use the corresponding CPI values:

Value2022
=Value1996 ×
CPI2022/CPI1996
=kr 100 ×
127.36/41.34
kr308.06

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 133.01:

Valuetoday
=Value1996 ×
CPItoday/CPI1996
=kr 100 ×
133.01/41.34
kr321.72

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 26 years between 1996 and 2022 and the average inflation rate was 4.4224%. Therefore, we can resolve the formula like this:

Value2022
=PV × (1 + i)n
=kr100 × (1 + 0.044224)26
kr308.06

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1996 kr3.08 kronur in 2022
kr5 kronur in 1996 kr15.4 kronur in 2022
kr10 kronur in 1996 kr30.81 kronur in 2022
kr50 kronur in 1996 kr154.03 kronur in 2022
kr100 kronur in 1996 kr308.06 kronur in 2022
kr500 kronur in 1996 kr1,540.29 kronur in 2022
kr1,000 kronur in 1996 kr3,080.57 kronur in 2022
kr5,000 kronur in 1996 kr15,402.87 kronur in 2022
kr10,000 kronur in 1996 kr30,805.75 kronur in 2022
kr50,000 kronur in 1996 kr154,028.75 kronur in 2022
kr100,000 kronur in 1996 kr308,057.5 kronur in 2022
kr500,000 kronur in 1996 kr1,540,287.48 kronur in 2022
kr1,000,000 kronur in 1996 kr3,080,574.97 kronur in 2022
Cumulative inflation From 1996 221.72%
Avg. annual inflation From 1996 4.42%
CPI 1996 41.34
CPI today 133.01

Value of Krona over time (by year)

Period Value
1996 100
1997 101.82
1998 103.5
1999 106.85
2000 112.34
2001 119.53
2002 125.75
2003 128.33
2004 132.38
2005 137.66
2006 146.87
2007 154.29
2008 173.87
2009 194.74
2010 205.25
2011 213.46
2012 224.53
2013 233.23
2014 238
2015 241.88
2016 245.99
2017 250.32
2018 257.03
2019 264.78
2020 272.32
2021 284.43
2022 308.06
2022-12 319.05
Today 321.72

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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