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Value of 2004 Icelandic Kronur today

kr100 in 2004
kr243.34 in 2023

The inflation rate in Iceland between 2004 and today has been 143.34%, which translates into a total increase of kr143.34. This means that 100 kronur in 2004 are equivalent to 243.34 kronur in 2023. In other words, the purchasing power of kr100 in 2004 equals kr243.34 today. The average annual inflation rate between these periods has been 4.79%.

Inflation timeline in Iceland (2004 - 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 2004-2022 132.7%
Cumulative inflation 2004-today 143.34%
Avg. Annual inflation 2004-2022 4.8%
CPI 2004 54.73
CPI 2022 127.36
CPI 2022-12 (latest official data) 131.9
CPI today 133.18

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 2004 and 2022, use the corresponding CPI values:

Value2022
=Value2004 ×
CPI2022/CPI2004
=kr 100 ×
127.36/54.73
kr232.7

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 133.18:

Valuetoday
=Value2004 ×
CPItoday/CPI2004
=kr 100 ×
133.18/54.73
kr243.34

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 18 years between 2004 and 2022 and the average inflation rate was 4.8039%. Therefore, we can resolve the formula like this:

Value2022
=PV × (1 + i)n
=kr100 × (1 + 0.048039)18
kr232.7

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 2004 kr2.33 kronur in 2022
kr5 kronur in 2004 kr11.64 kronur in 2022
kr10 kronur in 2004 kr23.27 kronur in 2022
kr50 kronur in 2004 kr116.35 kronur in 2022
kr100 kronur in 2004 kr232.7 kronur in 2022
kr500 kronur in 2004 kr1,163.5 kronur in 2022
kr1,000 kronur in 2004 kr2,327.01 kronur in 2022
kr5,000 kronur in 2004 kr11,635.03 kronur in 2022
kr10,000 kronur in 2004 kr23,270.06 kronur in 2022
kr50,000 kronur in 2004 kr116,350.32 kronur in 2022
kr100,000 kronur in 2004 kr232,700.64 kronur in 2022
kr500,000 kronur in 2004 kr1,163,503.18 kronur in 2022
kr1,000,000 kronur in 2004 kr2,327,006.36 kronur in 2022
Cumulative inflation From 2004 143.34%
Avg. annual inflation From 2004 4.79%
CPI 2004 54.73
CPI today 133.18

Value of Krona over time (by year)

Period Value
2004 100
2005 103.99
2006 110.94
2007 116.54
2008 131.34
2009 147.1
2010 155.04
2011 161.25
2012 169.61
2013 176.18
2014 179.78
2015 182.71
2016 185.81
2017 189.09
2018 194.16
2019 200.01
2020 205.71
2021 214.85
2022 232.7
2022-12 241
Today 243.34

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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