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Value of 2005 Icelandic Kronur today

kr100 in 2005
kr220.86 in 2022

The inflation rate in Iceland between 2005 and today has been 120.86%, which translates into a total increase of kr120.86. This means that 100 kronur in 2005 are equivalent to 220.86 kronur in 2022. In other words, the purchasing power of kr100 in 2005 equals kr220.86 today. The average annual inflation rate between these periods has been 4.77%.

Inflation timeline in Iceland (2005 - 2022)

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 2005-2021 106.61%
Cumulative inflation 2005-today 120.86%
Avg. Annual inflation 2005-2021 4.64%
CPI 2005 56.91
CPI 2021 117.59
CPI 2022-04 (latest official data) 125.08
CPI today 125.7

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 2005 and 2021, use the corresponding CPI values:

Value2021
=Value2005 ×
CPI2021/CPI2005
=kr 100 ×
117.59/56.91
kr206.61

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 125.7:

Valuetoday
=Value2005 ×
CPItoday/CPI2005
=kr 100 ×
125.7/56.91
kr220.86

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 16 years between 2005 and 2021 and the average inflation rate was 4.6399%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.046399)16
kr206.61

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 2005 kr2.07 kronur in 2021
kr5 kronur in 2005 kr10.33 kronur in 2021
kr10 kronur in 2005 kr20.66 kronur in 2021
kr50 kronur in 2005 kr103.31 kronur in 2021
kr100 kronur in 2005 kr206.61 kronur in 2021
kr500 kronur in 2005 kr1,033.06 kronur in 2021
kr1,000 kronur in 2005 kr2,066.12 kronur in 2021
kr5,000 kronur in 2005 kr10,330.59 kronur in 2021
kr10,000 kronur in 2005 kr20,661.18 kronur in 2021
kr50,000 kronur in 2005 kr103,305.88 kronur in 2021
kr100,000 kronur in 2005 kr206,611.75 kronur in 2021
kr500,000 kronur in 2005 kr1,033,058.76 kronur in 2021
kr1,000,000 kronur in 2005 kr2,066,117.52 kronur in 2021
Cumulative inflation From 2005 120.86%
Avg. annual inflation From 2005 4.77%
CPI 2005 56.91
CPI today 125.7

Value of Krona over time (by year)

Period Value
2005 100
2006 106.69
2007 112.08
2008 126.3
2009 141.46
2010 149.1
2011 155.06
2012 163.11
2013 169.42
2014 172.89
2015 175.71
2016 178.69
2017 181.84
2018 186.71
2019 192.34
2020 197.82
2021 206.61
2022-04 219.77
Today 220.86

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 |

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