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Value of 2013 Icelandic Kronur today

kr100 in 2013
kr153.34 in 2024

The inflation rate in Iceland between 2013 and today has been 53.34%, which translates into a total increase of kr53.34. This means that 100 kronur in 2013 are equivalent to 153.34 kronur in 2024. In other words, the purchasing power of kr100 in 2013 equals kr153.34 today. The average annual inflation rate between these periods has been 3.96%.

Inflation timeline in Iceland (2013 - 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 2013-2023 43.62%
Cumulative inflation 2013-today 53.34%
Avg. Annual inflation 2013-2023 3.69%
CPI 2013 96.42
CPI 2023 138.48
CPI 2024-06 (latest official data) 147.27
CPI today 147.85

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 2013 and 2023, use the corresponding CPI values:

Value2023
=Value2013 ×
CPI2023/CPI2013
=kr 100 ×
138.48/96.42
kr143.62

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 147.85:

Valuetoday
=Value2013 ×
CPItoday/CPI2013
=kr 100 ×
147.85/96.42
kr153.34

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 10 years between 2013 and 2023 and the average inflation rate was 3.6866%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.036866)10
kr143.62

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 2013 kr1.44 kronur in 2023
kr5 kronur in 2013 kr7.18 kronur in 2023
kr10 kronur in 2013 kr14.36 kronur in 2023
kr50 kronur in 2013 kr71.81 kronur in 2023
kr100 kronur in 2013 kr143.62 kronur in 2023
kr500 kronur in 2013 kr718.12 kronur in 2023
kr1,000 kronur in 2013 kr1,436.23 kronur in 2023
kr5,000 kronur in 2013 kr7,181.16 kronur in 2023
kr10,000 kronur in 2013 kr14,362.31 kronur in 2023
kr50,000 kronur in 2013 kr71,811.57 kronur in 2023
kr100,000 kronur in 2013 kr143,623.14 kronur in 2023
kr500,000 kronur in 2013 kr718,115.69 kronur in 2023
kr1,000,000 kronur in 2013 kr1,436,231.38 kronur in 2023
Cumulative inflation From 2013 53.34%
Avg. annual inflation From 2013 3.96%
CPI 2013 96.42
CPI today 147.85

Value of Krona over time (by year)

Period Value
2013 100
2014 102.04
2015 103.71
2016 105.47
2017 107.33
2018 110.21
2019 113.53
2020 116.76
2021 121.95
2022 132.08
2023 143.62
2024-06 152.73
Today 153.34

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: