Value of 2008 Icelandic Kronur today

kr100 in 2008

kr167.99 in 2020

The inflation rate in Iceland between 2008 and today has been 67.99%, which translates into a total increase of kr67.99. This means that 100 kronur in 2008 are equivalent to 167.99 kronur in 2020. In other words, the purchasing power of kr100 in 2008 equals kr167.99 today. The average annual inflation rate has been 4.07%.

Inflation timeline in Iceland (2008-2020)

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 (2008-2020) 67.97%
Total Inflation* 67.99%
Annual inflation avg. (2008-2020) 4.42%
Annual inflation avg.* 4.07%
CPI 2008 65.84
CPI 2020 110.59
CPI today* 110.6
kr1 in 2008 kr1.68 in 2020

* 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 12 years between 2008 and 2020 and the average inflation rate has been 4.0708%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = kr100 * (1 + 0.04)12 = kr167.97

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 2008 was 65.84 and the CPI today is 110.6. Therefore,

Final value = Initial value *
CPI final/CPI initial
= kr100 *
= kr167.97

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 2008 kr1.68 kronur today
kr5 kronur in 2008 kr8.4 kronur today
kr10 kronur in 2008 kr16.8 kronur today
kr50 kronur in 2008 kr83.99 kronur today
kr100 kronur in 2008 kr167.99 kronur today
kr500 kronur in 2008 kr839.94 kronur today
kr1,000 kronur in 2008 kr1,679.87 kronur today
kr5,000 kronur in 2008 kr8,399.36 kronur today
kr10,000 kronur in 2008 kr16,798.73 kronur today
kr50,000 kronur in 2008 kr83,993.64 kronur today
kr100,000 kronur in 2008 kr167,987.28 kronur today
kr500,000 kronur in 2008 kr839,936.39 kronur today
kr1,000,000 kronur in 2008 kr1,679,872.78 kronur today

Value of Krona over time (by year)

Period Value
2008 100
2009 118.14
2010 126.99
2011 130.14
2012 136.97
2013 142.73
2014 148.63
2015 149.86
2016 152.88
2017 155.78
2018 158.69
2019 164.63
2020 167.97
Today 167.99