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Value of 2021 Icelandic Kronur today

kr100 in 2021
kr123.53 in 2024

The inflation rate in Iceland between 2021 and today has been 23.53%, which translates into a total increase of kr23.53. This means that 100 kronur in 2021 are equivalent to 123.53 kronur in 2024. In other words, the purchasing power of kr100 in 2021 equals kr123.53 today. The average annual inflation rate between these periods has been 7.3%.

Inflation timeline in Iceland (2021 - 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 2021-2023 17.77%
Cumulative inflation 2021-today 23.53%
Avg. Annual inflation 2021-2023 8.52%
CPI 2021 117.59
CPI 2023 138.48
CPI 2024-03 (latest official data) 144.91
CPI today 145.26

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 2021 and 2023, use the corresponding CPI values:

Value2023
=Value2021 ×
CPI2023/CPI2021
=kr 100 ×
138.48/117.59
kr117.77

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 145.26:

Valuetoday
=Value2021 ×
CPItoday/CPI2021
=kr 100 ×
145.26/117.59
kr123.53

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 2 years between 2021 and 2023 and the average inflation rate was 8.5223%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=kr100 × (1 + 0.085223)2
kr117.77

Iceland inflation - Conversion table

Initial Value Equivalent value
kr1 krona in 2021 kr1.18 kronur in 2023
kr5 kronur in 2021 kr5.89 kronur in 2023
kr10 kronur in 2021 kr11.78 kronur in 2023
kr50 kronur in 2021 kr58.89 kronur in 2023
kr100 kronur in 2021 kr117.77 kronur in 2023
kr500 kronur in 2021 kr588.85 kronur in 2023
kr1,000 kronur in 2021 kr1,177.71 kronur in 2023
kr5,000 kronur in 2021 kr5,888.55 kronur in 2023
kr10,000 kronur in 2021 kr11,777.09 kronur in 2023
kr50,000 kronur in 2021 kr58,885.47 kronur in 2023
kr100,000 kronur in 2021 kr117,770.94 kronur in 2023
kr500,000 kronur in 2021 kr588,854.68 kronur in 2023
kr1,000,000 kronur in 2021 kr1,177,709.37 kronur in 2023
Cumulative inflation From 2021 23.53%
Avg. annual inflation From 2021 7.3%
CPI 2021 117.59
CPI today 145.26

Value of Krona over time (by year)

Period Value
2021 100
2022 108.31
2023 117.77
2024-03 123.24
Today 123.53

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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