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Value of 2015 Icelandic Kronur today

kr100 in 2015
kr133.04 in 2023

The inflation rate in Iceland between 2015 and today has been 33.04%, which translates into a total increase of kr33.04. This means that 100 kronur in 2015 are equivalent to 133.04 kronur in 2023. In other words, the purchasing power of kr100 in 2015 equals kr133.04 today. The average annual inflation rate between these periods has been 3.63%.

Inflation timeline in Iceland (2015 - 2023)

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 2015-2022 27.36%
Cumulative inflation 2015-today 33.04%
Avg. Annual inflation 2015-2022 3.52%
CPI 2015 100
CPI 2022 127.36
CPI 2022-12 (latest official data) 131.9
CPI today 133.04

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 2015 and 2022, use the corresponding CPI values:

Value2022
=Value2015 ×
CPI2022/CPI2015
=kr 100 ×
127.36/100
kr127.36

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 133.04:

Valuetoday
=Value2015 ×
CPItoday/CPI2015
=kr 100 ×
133.04/100
kr133.04

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 7 years between 2015 and 2022 and the average inflation rate was 3.5151%. Therefore, we can resolve the formula like this:

Value2022
=PV × (1 + i)n
=kr100 × (1 + 0.035151)7
kr127.36

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 2015 kr1.27 kronur in 2022
kr5 kronur in 2015 kr6.37 kronur in 2022
kr10 kronur in 2015 kr12.74 kronur in 2022
kr50 kronur in 2015 kr63.68 kronur in 2022
kr100 kronur in 2015 kr127.36 kronur in 2022
kr500 kronur in 2015 kr636.79 kronur in 2022
kr1,000 kronur in 2015 kr1,273.58 kronur in 2022
kr5,000 kronur in 2015 kr6,367.88 kronur in 2022
kr10,000 kronur in 2015 kr12,735.75 kronur in 2022
kr50,000 kronur in 2015 kr63,678.75 kronur in 2022
kr100,000 kronur in 2015 kr127,357.5 kronur in 2022
kr500,000 kronur in 2015 kr636,787.5 kronur in 2022
kr1,000,000 kronur in 2015 kr1,273,575 kronur in 2022
Cumulative inflation From 2015 33.04%
Avg. annual inflation From 2015 3.63%
CPI 2015 100
CPI today 133.04

Value of Krona over time (by year)

Period Value
2015 100
2016 101.7
2017 103.49
2018 106.26
2019 109.47
2020 112.58
2021 117.59
2022 127.36
2022-12 131.9
Today 133.04

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 |

Other currencies: