Value of 2003 Icelandic Kronur today

kr100 in 2003

kr219.52 in 2021

The inflation rate in Iceland between 2003 and today has been 119.52%, which translates into a total increase of kr119.52. This means that 100 kronur in 2003 are equivalent to 219.52 kronur in 2021. In other words, the purchasing power of kr100 in 2003 equals kr219.52 today. The average annual inflation rate has been 4.23%.

Inflation timeline in Iceland (2003-2021)

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 (2003-2021) 119.02%
Total Inflation* 119.52%
Annual inflation avg. (2003-2021) 4.45%
Annual inflation avg.* 4.23%
CPI 2003 52.3
CPI 2021 114.54
CPI today* 114.8
kr1 in 2003 kr2.19 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 18 years between 2003 and 2021 and the average inflation rate has been 4.2252%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.04)18 = kr219.02

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 2003 was 52.3 and the CPI today is 114.8. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
= kr219.02

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 2003 kr2.2 kronur today
kr5 kronur in 2003 kr10.98 kronur today
kr10 kronur in 2003 kr21.95 kronur today
kr50 kronur in 2003 kr109.76 kronur today
kr100 kronur in 2003 kr219.52 kronur today
kr500 kronur in 2003 kr1,097.62 kronur today
kr1,000 kronur in 2003 kr2,195.25 kronur today
kr5,000 kronur in 2003 kr10,976.25 kronur today
kr10,000 kronur in 2003 kr21,952.5 kronur today
kr50,000 kronur in 2003 kr109,762.49 kronur today
kr100,000 kronur in 2003 kr219,524.97 kronur today
kr500,000 kronur in 2003 kr1,097,624.85 kronur today
kr1,000,000 kronur in 2003 kr2,195,249.7 kronur today

Value of Krona over time (by year)

Period Value
2003 100
2004 102.77
2005 106.76
2006 111.15
2007 118.96
2008 125.9
2009 148.74
2010 159.87
2011 163.84
2012 172.44
2013 179.69
2014 187.12
2015 188.67
2016 192.47
2017 196.12
2018 199.79
2019 207.26
2020 211.46
2021 219.02
Today 219.52