kr100 in 2003
kr211.49 in 2020
The inflation rate in Iceland between 2003 and today has been 111.49%, which translates into a total increase of kr111.49. This means that 100 kronur in 2003 are equivalent to 211.49 kronur in 2020. In other words, the purchasing power of kr100 in 2003 equals kr211.49 today. The average annual inflation rate has been 4.25%.
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:
|Total Inflation (2003-2020)||111.46%|
|Annual inflation avg. (2003-2020)||4.5%|
|Annual inflation avg.*||4.25%|
|kr1 in 2003||kr2.11 in 2020|
* Values extrapolated from the last official data to obtain today's values.
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.
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:
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 17 years between 2003 and 2020 and the average inflation rate has been 4.2489%. Therefore, we can resolve the formula like this:
FV = PV (1 + i)n = kr100 * (1 + 0.04)17 = kr211.46
When the CPI for both start and end years is known, the following formula can be used:
In this case, the CPI in 2003 was 52.3 and the CPI today is 110.6. Therefore,
|Initial Value||Equivalent value|
|kr1 krona in 2003||kr2.11 kronur today|
|kr5 kronur in 2003||kr10.57 kronur today|
|kr10 kronur in 2003||kr21.15 kronur today|
|kr50 kronur in 2003||kr105.74 kronur today|
|kr100 kronur in 2003||kr211.49 kronur today|
|kr500 kronur in 2003||kr1,057.44 kronur today|
|kr1,000 kronur in 2003||kr2,114.88 kronur today|
|kr5,000 kronur in 2003||kr10,574.4 kronur today|
|kr10,000 kronur in 2003||kr21,148.8 kronur today|
|kr50,000 kronur in 2003||kr105,743.99 kronur today|
|kr100,000 kronur in 2003||kr211,487.98 kronur today|
|kr500,000 kronur in 2003||kr1,057,439.9 kronur today|
|kr1,000,000 kronur in 2003||kr2,114,879.8 kronur today|
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