The line graph illustrates the comparison between the average price of a barrel of oil and the food price index over an 11-year period.
From an overall perspective, it is evident that both trends experienced significant increases between 2000 and 2011. Furthermore, the trends for both commodities followed a similar pace, indicating a strong correlation.
Initially, in 2000, the average global price for a barrel of oil was approximately 25 dollars, while the food price index was at 90 points. Both commodities remained relatively stable over the next 4 years before experiencing steady growth over the subsequent 3 years. By 2007, the price of oil had more than doubled, reaching around 60 dollars per barrel, while the food price index had significantly increased to nearly 50 points during the same period.
A notable surge in the prices of both trends was observed from 2007 to 2008, with oil prices peaking at around 130 dollars and the food production index rising to 220 points. However, at the beginning of 2009, both resources saw substantial decreases, dropping to about 50 dollars and 80 points, respectively. Furthermore, the average prices of the two main global products increased once again, reaching nearly 100 dollars for oil and peaking at approximately 140 points for the food price index by the end of the period.