Value of 2002 Icelandic Kronur today

kr100 in 2002

kr223.87 in 2021

The inflation rate in Iceland between 2002 and today has been 123.87%, which translates into a total increase of kr123.87. This means that 100 kronur in 2002 are equivalent to 223.87 kronur in 2021. In other words, the purchasing power of kr100 in 2002 equals kr223.87 today. The average annual inflation rate has been 4.11%.

Inflation timeline in Iceland (2002-2021)

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 (2002-2021) 123.39%
Total Inflation* 123.87%
Annual inflation avg. (2002-2021) 4.32%
Annual inflation avg.* 4.11%
CPI 2002 51.28
CPI 2021 114.54
CPI today* 114.79
kr1 in 2002 kr2.23 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 19 years between 2002 and 2021 and the average inflation rate has been 4.1119%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.04)19 = kr223.39

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 2002 was 51.28 and the CPI today is 114.79. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
= kr223.39

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 2002 kr2.24 kronur today
kr5 kronur in 2002 kr11.19 kronur today
kr10 kronur in 2002 kr22.39 kronur today
kr50 kronur in 2002 kr111.94 kronur today
kr100 kronur in 2002 kr223.87 kronur today
kr500 kronur in 2002 kr1,119.37 kronur today
kr1,000 kronur in 2002 kr2,238.75 kronur today
kr5,000 kronur in 2002 kr11,193.73 kronur today
kr10,000 kronur in 2002 kr22,387.46 kronur today
kr50,000 kronur in 2002 kr111,937.31 kronur today
kr100,000 kronur in 2002 kr223,874.63 kronur today
kr500,000 kronur in 2002 kr1,119,373.14 kronur today
kr1,000,000 kronur in 2002 kr2,238,746.28 kronur today

Value of Krona over time (by year)

Period Value
2002 100
2003 101.99
2004 104.82
2005 108.89
2006 113.36
2007 121.33
2008 128.4
2009 151.7
2010 163.05
2011 167.1
2012 175.87
2013 183.26
2014 190.85
2015 192.43
2016 196.31
2017 200.02
2018 203.76
2019 211.38
2020 215.68
2021 223.39
Today 223.87