kr

Value of 2003 Icelandic Kronur today

kr100 in 2003
kr278.93 in 2024

The inflation rate in Iceland between 2003 and today has been 178.93%, which translates into a total increase of kr178.93. This means that 100 kronur in 2003 are equivalent to 278.93 kronur in 2024. In other words, the purchasing power of kr100 in 2003 equals kr278.93 today. The average annual inflation rate between these periods has been 5.01%.

Inflation timeline in Iceland (2003 - 2024)

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 2003-2023 161.02%
Cumulative inflation 2003-today 178.93%
Avg. Annual inflation 2003-2023 4.91%
CPI 2003 53.05
CPI 2023 138.48
CPI 2024-09 (latest official data) 147.72
CPI today 147.98

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 2003 and 2023, use the corresponding CPI values:

Value2023
=Value2003 ×
CPI2023/CPI2003
=kr 100 ×
138.48/53.05
kr261.02

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 147.98:

Valuetoday
=Value2003 ×
CPItoday/CPI2003
=kr 100 ×
147.98/53.05
kr278.93

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 2003 and 2023 and the average inflation rate was 4.9141%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.049141)20
kr261.02

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 2003 kr2.61 kronur in 2023
kr5 kronur in 2003 kr13.05 kronur in 2023
kr10 kronur in 2003 kr26.1 kronur in 2023
kr50 kronur in 2003 kr130.51 kronur in 2023
kr100 kronur in 2003 kr261.02 kronur in 2023
kr500 kronur in 2003 kr1,305.11 kronur in 2023
kr1,000 kronur in 2003 kr2,610.21 kronur in 2023
kr5,000 kronur in 2003 kr13,051.07 kronur in 2023
kr10,000 kronur in 2003 kr26,102.14 kronur in 2023
kr50,000 kronur in 2003 kr130,510.69 kronur in 2023
kr100,000 kronur in 2003 kr261,021.38 kronur in 2023
kr500,000 kronur in 2003 kr1,305,106.89 kronur in 2023
kr1,000,000 kronur in 2003 kr2,610,213.78 kronur in 2023
Cumulative inflation From 2003 178.93%
Avg. annual inflation From 2003 5.01%
CPI 2003 53.05
CPI today 147.98

Value of Krona over time (by year)

Period Value
2003 100
2004 103.16
2005 107.27
2006 114.44
2007 120.23
2008 135.49
2009 151.75
2010 159.94
2011 166.34
2012 174.97
2013 181.74
2014 185.46
2015 188.48
2016 191.68
2017 195.06
2018 200.29
2019 206.33
2020 212.2
2021 221.63
2022 240.05
2023 261.02
2024-09 278.43
Today 278.93

All available years

Today's value of icelandic kronur by year:

1955 | 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 | 2023 |

Other currencies: