# Iceland Inflation Calculator

kr

Result: kr100 in 1956 → kr481,804.93 in 2024

## The Icelandic Krona has lost 99.979% of its value since 1956

Updated: May 15, 2024

kr100 in 1956 is equivalent in purchasing power to about kr481,804.93 today, an increase of kr481,704.93 over 68 years. The krona had an average inflation rate of 13.28% per year between 1956 and today, producing a cumulative price increase of 481,704.93%.

This means that today's prices are 4,818.05 times as high as average prices since 1956, according to the OECD and the World Bank consumer price index for Iceland. A krona today only buys 0.021% of what it could buy back then.

The inflation rate in 1956 was 10.06%. The current inflation rate compared to the end of last year is now 7.35%. If this number holds, kr100 today will be equivalent in buying power to kr107.35 next year.

 Cumulative price change 481,704.93% Average inflation rate 13.28% Converted amountkr100 base kr481,804.93 Price differencekr100 base kr481,704.93 CPI in 1956 0.031 CPI in 2024 149.373 Inflation in 1956 10.06% Inflation in 2024 7.35% kr100 in 1956 kr481,804.93 in 2024

ISK inflation since 1956
Annual Rate, the OECD and the World Bank CPI

## Buying power of kr100 in 1956

This chart shows a calculation of buying power equivalence for kr100 in 1956 (price index tracking began in 1955).

For example, if you started with kr100, you would need to end with kr481,804.93 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When kr100 is equivalent to kr481,804.93 over time, that means that the "real value" of a single Icelandic krona decreases over time. In other words, a krona will pay for fewer items at the store.

This effect explains how inflation erodes the value of a krona over time. By calculating the value in 1956 dollars, the chart below shows how kr100 is worth less over 68 years.

According to the OECD and the World Bank, each of these ISK amounts below is equal in terms of what it could buy at the time:

Krona inflation: 1956-2024
YearKrona ValueInflation Rate
1956kr100.0010.06%
1957kr104.254.25%
1958kr110.345.85%
1959kr111.451.00%
1960kr113.671.99%
1961kr119.024.71%
1962kr132.1311.02%
1963kr149.2212.93%
1964kr177.9319.25%
1965kr190.957.32%
1966kr211.3610.69%
1967kr218.373.32%
1968kr251.6415.23%
1969kr306.4021.76%
1970kr347.3813.37%
1971kr370.766.73%
1972kr407.149.81%
1973kr494.0821.36%
1974kr704.1442.52%
1975kr1,051.7249.36%
1976kr1,388.6432.04%
1977kr1,809.6330.32%
1978kr2,601.3443.75%
1979kr3,757.4944.44%
1980kr5,956.7058.53%
1981kr9,041.8651.79%
1982kr13,584.7950.24%
1983kr24,989.2283.95%
1984kr32,698.9830.85%
1985kr43,160.9131.99%
1986kr52,711.7222.13%
1987kr62,356.8218.30%
1988kr78,398.4025.73%
1989kr94,672.5120.76%
1990kr109,356.9015.51%
1991kr116,802.776.81%
1992kr121,413.813.95%
1993kr126,322.404.04%
1994kr128,283.741.55%
1995kr130,402.001.65%
1996kr133,349.632.26%
1997kr135,770.511.82%
1998kr138,023.281.66%
1999kr142,483.943.23%
2000kr149,802.605.14%
2001kr159,397.576.41%
2002kr167,681.505.20%
2003kr171,128.482.06%
2004kr176,533.063.16%
2005kr183,571.483.99%
2006kr195,847.056.69%
2007kr205,740.425.05%
2008kr231,857.9312.69%
2009kr259,688.0912.00%
2010kr273,702.765.40%
2011kr284,653.684.00%
2012kr299,415.545.19%
2013kr311,009.723.87%
2014kr317,368.692.04%
2015kr322,551.511.63%
2016kr328,024.891.70%
2017kr333,799.531.76%
2018kr342,755.172.68%
2019kr353,085.853.01%
2020kr363,141.392.85%
2021kr379,280.264.44%
2022kr410,793.548.31%
2023kr450,512.219.67%
2024kr481,804.936.95%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.
Click to show 62 more rows

This conversion table shows various other 1956 amounts in today's kronur, based on the 481,704.93% change in prices:

Conversion: 1956 kronur today
Initial valueEquivalent value
kr1 krona in 1956kr4,818.05 kronur today
kr5 kronur in 1956kr24,090.25 kronur today
kr10 kronur in 1956kr48,180.49 kronur today
kr50 kronur in 1956kr240,902.46 kronur today
kr100 kronur in 1956kr481,804.93 kronur today
kr500 kronur in 1956kr2,409,024.64 kronur today
kr1,000 kronur in 1956kr4,818,049.29 kronur today
kr5,000 kronur in 1956kr24,090,246.44 kronur today
kr10,000 kronur in 1956kr48,180,492.87 kronur today
kr50,000 kronur in 1956kr240,902,464.35 kronur today
kr100,000 kronur in 1956kr481,804,928.71 kronur today
kr500,000 kronur in 1956kr2,409,024,643.54 kronur today
kr1,000,000 kronur in 1956kr4,818,049,287.08 kronur today

## How to calculate inflation rate for kr100 since 1956

Our calculations use the following inflation rate formula to calculate the change in value between 1956 and today:

CPI today CPI in 1956
×
1956 ISK value
=
Today's value

Then plug in historical CPI values. The Icelandic CPI was 0.0310028 in the year 1956 and 149.3730184374365 in 2024:

149.37301843743650.0310028
×
kr100
=
kr481,804.93

kr100 in 1956 has the same "purchasing power" or "buying power" as kr481,804.93 in 2024.

To get the total inflation rate for the 68 years between 1956 and 2024, we use the following formula:

CPI in 2024 - CPI in 1956CPI in 1956
×
100
=
Cumulative inflation rate (68 years)

Plugging in the values to this equation, we get:

149.3730184374365 - 0.03100280.0310028
×
100
=
481,705%

## Data source & citation

You may use the following MLA citation for this page: “Iceland Inflation Calculator: World Bank data, 1956-2024 (ISK).” Official Inflation Data, Alioth Finance, 16 May. 2024, https://www.officialdata.org/iceland/inflation.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.