The inflation rate in Iceland between 2021 and today has been 26.47%, which translates into a total increase of kr26.47. This means that 100 kronur in 2021 are equivalent to 126.47 kronur in 2024. In other words, the purchasing power of kr100 in 2021 equals kr126.47 today. The average annual inflation rate between these periods has been 8.14%.
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 | 26.47% |
| Avg. Annual inflation 2021-2023 | 8.52% |
| CPI 2021 | 117.59 |
| CPI 2023 | 138.48 |
| CPI 2024-11 (latest official data) | 148.29 |
| CPI today | 148.72 |
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.
When we have both the start and end years, we can use the following formula:
To obtain the values equivalent in buying power between 2021 and 2023, use the corresponding CPI values:
To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 148.72:
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:
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:
| 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 | 26.47% |
| Avg. annual inflation From 2021 | 8.14% |
| CPI 2021 | 117.59 |
| CPI today | 148.72 |
| Period | Value |
|---|---|
| 2021 | 100 |
| 2022 | 108.31 |
| 2023 | 117.77 |
| 2024-11 | 126.11 |
| Today | 126.47 |
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: