kr

Value of 2002 Icelandic Kronur today

kr100 in 2002
kr255.92 in 2023

The inflation rate in Iceland between 2002 and today has been 155.92%, which translates into a total increase of kr155.92. This means that 100 kronur in 2002 are equivalent to 255.92 kronur in 2023. In other words, the purchasing power of kr100 in 2002 equals kr255.92 today. The average annual inflation rate between these periods has been 4.58%.

Inflation timeline in Iceland (2002 - 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 2002-2022 144.98%
Cumulative inflation 2002-today 155.92%
Avg. Annual inflation 2002-2022 4.58%
CPI 2002 51.99
CPI 2022 127.36
CPI 2022-12 (latest official data) 131.9
CPI today 133.04

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 2002 and 2022, use the corresponding CPI values:

Value2022
=Value2002 ×
CPI2022/CPI2002
=kr 100 ×
127.36/51.99
kr244.98

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 133.04:

Valuetoday
=Value2002 ×
CPItoday/CPI2002
=kr 100 ×
133.04/51.99
kr255.92

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 20 years between 2002 and 2022 and the average inflation rate was 4.582%. Therefore, we can resolve the formula like this:

Value2022
=PV × (1 + i)n
=kr100 × (1 + 0.04582)20
kr244.98

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 2002 kr2.45 kronur in 2022
kr5 kronur in 2002 kr12.25 kronur in 2022
kr10 kronur in 2002 kr24.5 kronur in 2022
kr50 kronur in 2002 kr122.49 kronur in 2022
kr100 kronur in 2002 kr244.98 kronur in 2022
kr500 kronur in 2002 kr1,224.92 kronur in 2022
kr1,000 kronur in 2002 kr2,449.84 kronur in 2022
kr5,000 kronur in 2002 kr12,249.22 kronur in 2022
kr10,000 kronur in 2002 kr24,498.44 kronur in 2022
kr50,000 kronur in 2002 kr122,492.21 kronur in 2022
kr100,000 kronur in 2002 kr244,984.42 kronur in 2022
kr500,000 kronur in 2002 kr1,224,922.08 kronur in 2022
kr1,000,000 kronur in 2002 kr2,449,844.15 kronur in 2022
Cumulative inflation From 2002 155.92%
Avg. annual inflation From 2002 4.58%
CPI 2002 51.99
CPI today 133.04

Value of Krona over time (by year)

Period Value
2002 100
2003 102.06
2004 105.28
2005 109.48
2006 116.8
2007 122.7
2008 138.27
2009 154.87
2010 163.23
2011 169.76
2012 178.56
2013 185.48
2014 189.27
2015 192.36
2016 195.62
2017 199.07
2018 204.41
2019 210.57
2020 216.57
2021 226.19
2022 244.98
2022-12 253.72
Today 255.92

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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