Value of 1999 Icelandic Kronur today

kr100 in 1999

kr267.55 in 2021

The inflation rate in Iceland between 1999 and today has been 167.55%, which translates into a total increase of kr167.55. This means that 100 kronur in 1999 are equivalent to 267.55 kronur in 2021. In other words, the purchasing power of kr100 in 1999 equals kr267.55 today. The average annual inflation rate has been 4.37%.

Inflation timeline in Iceland (1999-2021)

The following chart depicts the equivalence of kr100 throughout the years due to 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 obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator Value
Total Inflation (1999-2021) 166.96%
Total Inflation* 167.55%
Annual inflation avg. (1999-2021) 4.56%
Annual inflation avg.* 4.37%
CPI 1999 42.91
CPI 2021 114.54
CPI today* 114.79
kr1 in 1999 kr2.67 in 2021

* 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 with 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 1999 and 2021 and the average inflation rate has been 4.3716%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.04)22 = kr266.96

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 1999 was 42.91 and the CPI today is 114.79. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
= kr266.96

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 1999 kr2.68 kronur today
kr5 kronur in 1999 kr13.38 kronur today
kr10 kronur in 1999 kr26.75 kronur today
kr50 kronur in 1999 kr133.77 kronur today
kr100 kronur in 1999 kr267.55 kronur today
kr500 kronur in 1999 kr1,337.73 kronur today
kr1,000 kronur in 1999 kr2,675.46 kronur today
kr5,000 kronur in 1999 kr13,377.3 kronur today
kr10,000 kronur in 1999 kr26,754.59 kronur today
kr50,000 kronur in 1999 kr133,772.97 kronur today
kr100,000 kronur in 1999 kr267,545.94 kronur today
kr500,000 kronur in 1999 kr1,337,729.71 kronur today
kr1,000,000 kronur in 1999 kr2,675,459.42 kronur today

Value of Krona over time (by year)

Period Value
1999 100
2000 105.54
2001 110.01
2002 119.51
2003 121.89
2004 125.27
2005 130.13
2006 135.47
2007 145
2008 153.45
2009 181.29
2010 194.86
2011 199.7
2012 210.18
2013 219.01
2014 228.08
2015 229.97
2016 234.6
2017 239.04
2018 243.51
2019 252.62
2020 257.75
2021 266.96
Today 267.55