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Value of 1998 Icelandic Kronur today

kr100 in 1998
kr293.51 in 2022

The inflation rate in Iceland between 1998 and today has been 193.51%, which translates into a total increase of kr193.51. This means that 100 kronur in 1998 are equivalent to 293.51 kronur in 2022. In other words, the purchasing power of kr100 in 1998 equals kr293.51 today. The average annual inflation rate between these periods has been 4.59%.

Inflation timeline in Iceland (1998 - 2022)

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 1998-2021 174.79%
Cumulative inflation 1998-today 193.51%
Avg. Annual inflation 1998-2021 4.49%
CPI 1998 42.79
CPI 2021 117.59
CPI 2022-04 (latest official data) 125.08
CPI today 125.6

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 1998 and 2021, use the corresponding CPI values:

Value2021
=Value1998 ×
CPI2021/CPI1998
=kr 100 ×
117.59/42.79
kr274.79

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 125.6:

Valuetoday
=Value1998 ×
CPItoday/CPI1998
=kr 100 ×
125.6/42.79
kr293.51

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 23 years between 1998 and 2021 and the average inflation rate was 4.493%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.04493)23
kr274.79

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1998 kr2.75 kronur in 2021
kr5 kronur in 1998 kr13.74 kronur in 2021
kr10 kronur in 1998 kr27.48 kronur in 2021
kr50 kronur in 1998 kr137.4 kronur in 2021
kr100 kronur in 1998 kr274.79 kronur in 2021
kr500 kronur in 1998 kr1,373.97 kronur in 2021
kr1,000 kronur in 1998 kr2,747.94 kronur in 2021
kr5,000 kronur in 1998 kr13,739.72 kronur in 2021
kr10,000 kronur in 1998 kr27,479.44 kronur in 2021
kr50,000 kronur in 1998 kr137,397.21 kronur in 2021
kr100,000 kronur in 1998 kr274,794.42 kronur in 2021
kr500,000 kronur in 1998 kr1,373,972.1 kronur in 2021
kr1,000,000 kronur in 1998 kr2,747,944.2 kronur in 2021
Cumulative inflation From 1998 193.51%
Avg. annual inflation From 1998 4.59%
CPI 1998 42.79
CPI today 125.6

Value of Krona over time (by year)

Period Value
1998 100
1999 103.23
2000 108.53
2001 115.49
2002 121.49
2003 123.99
2004 127.9
2005 133
2006 141.89
2007 149.06
2008 167.98
2009 188.15
2010 198.3
2011 206.24
2012 216.93
2013 225.33
2014 229.94
2015 233.69
2016 237.66
2017 241.84
2018 248.33
2019 255.82
2020 263.1
2021 274.79
2022-04 292.29
Today 293.51

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 |

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