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Value of 2014 Icelandic Kronur today

kr100 in 2014
kr145.7 in 2024

The inflation rate in Iceland between 2014 and today has been 45.7%, which translates into a total increase of kr45.7. This means that 100 kronur in 2014 are equivalent to 145.7 kronur in 2024. In other words, the purchasing power of kr100 in 2014 equals kr145.7 today. The average annual inflation rate between these periods has been 3.84%.

Inflation timeline in Iceland (2014 - 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 2014-2023 40.75%
Cumulative inflation 2014-today 45.7%
Avg. Annual inflation 2014-2023 3.87%
CPI 2014 98.39
CPI 2023 138.48
CPI 2023-12 (latest official data) 142.13
CPI today 143.36

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 2014 and 2023, use the corresponding CPI values:

Value2023
=Value2014 ×
CPI2023/CPI2014
=kr 100 ×
138.48/98.39
kr140.75

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 143.36:

Valuetoday
=Value2014 ×
CPItoday/CPI2014
=kr 100 ×
143.36/98.39
kr145.7

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 9 years between 2014 and 2023 and the average inflation rate was 3.8706%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.038706)9
kr140.75

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 2014 kr1.41 kronur in 2023
kr5 kronur in 2014 kr7.04 kronur in 2023
kr10 kronur in 2014 kr14.07 kronur in 2023
kr50 kronur in 2014 kr70.37 kronur in 2023
kr100 kronur in 2014 kr140.75 kronur in 2023
kr500 kronur in 2014 kr703.73 kronur in 2023
kr1,000 kronur in 2014 kr1,407.45 kronur in 2023
kr5,000 kronur in 2014 kr7,037.27 kronur in 2023
kr10,000 kronur in 2014 kr14,074.54 kronur in 2023
kr50,000 kronur in 2014 kr70,372.71 kronur in 2023
kr100,000 kronur in 2014 kr140,745.43 kronur in 2023
kr500,000 kronur in 2014 kr703,727.13 kronur in 2023
kr1,000,000 kronur in 2014 kr1,407,454.26 kronur in 2023
Cumulative inflation From 2014 45.7%
Avg. annual inflation From 2014 3.84%
CPI 2014 98.39
CPI today 143.36

Value of Krona over time (by year)

Period Value
2014 100
2015 101.63
2016 103.36
2017 105.18
2018 108
2019 111.25
2020 114.42
2021 119.51
2022 129.44
2023 140.75
2023-12 144.45
Today 145.7

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 | 2023 |

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