kr

Value of 1997 Icelandic Kronur today

kr100 in 1997
kr351.09 in 2024

The inflation rate in Iceland between 1997 and today has been 251.09%, which translates into a total increase of kr251.09. This means that 100 kronur in 1997 are equivalent to 351.09 kronur in 2024. In other words, the purchasing power of kr100 in 1997 equals kr351.09 today. The average annual inflation rate between these periods has been 4.76%.

Inflation timeline in Iceland (1997 - 2024)

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 1997-2023 229%
Cumulative inflation 1997-today 251.09%
Avg. Annual inflation 1997-2023 4.69%
CPI 1997 42.09
CPI 2023 138.48
CPI 2024-06 (latest official data) 147.27
CPI today 147.78

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 1997 and 2023, use the corresponding CPI values:

Value2023
=Value1997 ×
CPI2023/CPI1997
=kr 100 ×
138.48/42.09
kr329

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 147.78:

Valuetoday
=Value1997 ×
CPItoday/CPI1997
=kr 100 ×
147.78/42.09
kr351.09

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 1997 and 2023 and the average inflation rate was 4.6868%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.046868)26
kr329

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1997 kr3.29 kronur in 2023
kr5 kronur in 1997 kr16.45 kronur in 2023
kr10 kronur in 1997 kr32.9 kronur in 2023
kr50 kronur in 1997 kr164.5 kronur in 2023
kr100 kronur in 1997 kr329 kronur in 2023
kr500 kronur in 1997 kr1,644.99 kronur in 2023
kr1,000 kronur in 1997 kr3,289.98 kronur in 2023
kr5,000 kronur in 1997 kr16,449.89 kronur in 2023
kr10,000 kronur in 1997 kr32,899.77 kronur in 2023
kr50,000 kronur in 1997 kr164,498.87 kronur in 2023
kr100,000 kronur in 1997 kr328,997.74 kronur in 2023
kr500,000 kronur in 1997 kr1,644,988.7 kronur in 2023
kr1,000,000 kronur in 1997 kr3,289,977.4 kronur in 2023
Cumulative inflation From 1997 251.09%
Avg. annual inflation From 1997 4.76%
CPI 1997 42.09
CPI today 147.78

Value of Krona over time (by year)

Period Value
1997 100
1998 101.66
1999 104.94
2000 110.34
2001 117.4
2002 123.5
2003 126.04
2004 130.02
2005 135.21
2006 144.25
2007 151.54
2008 170.77
2009 191.27
2010 201.59
2011 209.66
2012 220.53
2013 229.07
2014 233.75
2015 237.57
2016 241.6
2017 245.86
2018 252.45
2019 260.06
2020 267.47
2021 279.35
2022 302.56
2023 329
2024-06 349.86
Today 351.09

All available years

Today's value of icelandic kronur by year:

1955 | 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 | 2023 |

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