The line graph compares the average price of a barrel of oil with the food price index over a period of 11 years.
The line graph compares the average price of a barrel of oil with the food price index over a period of 11 years. bQmP3
The line graph compares the average price of a barrel of oil with the food price index
over a period of 11 years.
It is clear that average global prices of both oil and food rose considerably between
2000 and 2011. Furthermore, the trends for both commodities were very similar, and so
a strong correlation (93. 6%) is suggested.
In the year 2000, the average global oil price was close to $25 per barrel, and the food
price index stood at just under 90 points. Over the following four years both prices
remained relatively stable, before rising steadily between 2004 and 2007. By 2007, the
average oil price had more than doubled, to nearly $60 per barrel, and food prices had
risen by around 50 points.
A dramatic increase in both commodity prices was seen from 2007 to 2008, with oil
prices reaching a peak of approximately $130 per barrel and the food price index rising
to 220 points. However, by the beginning of 2009 the price of oil had dropped by
roughly $90, and the food price index was down by about 80 points. Finally, in 2011, the
average oil price rose once again, to nearly $100 per barrel, while the food price index
reached its peak, at almost 240 points.
The line graph compares the average
price
of a
barrel
of
oil
with the
food
price
index
over a period of 11 years.
It is
clear
that average global
prices
of both
oil
and
food
rose
considerably
between
2000 and 2011.
Furthermore
, the trends for both commodities were
very
similar, and
so
a strong correlation (93. 6%)
is suggested
.
In the year 2000, the average global
oil
price
was close to $25 per
barrel
, and the food
price index stood at
just
under 90
points
. Over the following four years both prices
remained
relatively
stable,
before
rising
steadily
between 2004 and 2007. By 2007, the
average
oil
price
had more than doubled, to
nearly
$60 per
barrel
, and
food
prices
had
risen by around 50 points.
A dramatic increase in both commodity
prices
was
seen
from 2007 to 2008, with oil
prices reaching a peak of approximately $130 per
barrel
and the
food
price
index rising
to 220
points
.
However
, by the beginning of 2009 the
price
of
oil
had dropped by
roughly $90, and the
food
price
index was down by about 80
points
.
Finally
, in 2011, the
average
oil
price
rose once again, to
nearly
$100 per
barrel
, while the
food
price
index
reached its peak, at almost 240
points
.