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Value of 2013 Icelandic Kronur today

kr100 in 2013
kr135.68 in 2022

The inflation rate in Iceland between 2013 and today has been 35.68%, which translates into a total increase of kr35.68. This means that 100 kronur in 2013 are equivalent to 135.68 kronur in 2022. In other words, the purchasing power of kr100 in 2013 equals kr135.68 today. The average annual inflation rate between these periods has been 3.45%.

Inflation timeline in Iceland (2013 - 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 2013-2021 21.95%
Cumulative inflation 2013-today 35.68%
Avg. Annual inflation 2013-2021 2.51%
CPI 2013 96.42
CPI 2021 117.59
CPI 2022-08 (latest official data) 129.68
CPI today 130.82

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 2021, use the corresponding CPI values:

Value2021
=Value2013 ×
CPI2021/CPI2013
=kr 100 ×
117.59/96.42
kr121.95

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 130.82:

Valuetoday
=Value2013 ×
CPItoday/CPI2013
=kr 100 ×
130.82/96.42
kr135.68

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 8 years between 2013 and 2021 and the average inflation rate was 2.5117%. Therefore, we can resolve the formula like this:

Value2021
=PV × (1 + i)n
=kr100 × (1 + 0.025117)8
kr121.95

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 2013 kr1.22 kronur in 2021
kr5 kronur in 2013 kr6.1 kronur in 2021
kr10 kronur in 2013 kr12.2 kronur in 2021
kr50 kronur in 2013 kr60.98 kronur in 2021
kr100 kronur in 2013 kr121.95 kronur in 2021
kr500 kronur in 2013 kr609.76 kronur in 2021
kr1,000 kronur in 2013 kr1,219.51 kronur in 2021
kr5,000 kronur in 2013 kr6,097.56 kronur in 2021
kr10,000 kronur in 2013 kr12,195.13 kronur in 2021
kr50,000 kronur in 2013 kr60,975.63 kronur in 2021
kr100,000 kronur in 2013 kr121,951.26 kronur in 2021
kr500,000 kronur in 2013 kr609,756.29 kronur in 2021
kr1,000,000 kronur in 2013 kr1,219,512.57 kronur in 2021
Cumulative inflation From 2013 35.68%
Avg. annual inflation From 2013 3.45%
CPI 2013 96.42
CPI today 130.82

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
2022-08 134.49
Today 135.68

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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