The line graph illustrates the average oil price and the food price index over a period of 11 years, from 2000 to 2011.
Overall, there is a clear upward trend in both oil prices and the food price index, with a strong correlation of 93.6% between the two. Both commodities saw significant increases, peaking in 2008, followed by a noticeable decline and a subsequent recovery by 2011.
In 2000, the average price of oil was approximately $25 per barrel, while the food price index stood at just under 90 points. Over the next three years, these figures remained relatively stable, showing minimal fluctuations. However, from 2004 onwards, both oil prices and the food price index rose steadily, continuing this upward trajectory until 2007.
The most dramatic change occurred in 2008, when oil prices surged to a peak of $130 per barrel, and the food price index climbed sharply to nearly 220 points. This was followed by a significant downturn in 2009, with the food price index dropping to around 140 points, while oil prices declined to roughly $110 per barrel.
By 2011, both commodities had rebounded. The food price index reached a peak of 240 points, more than doubling its 2007 level, while the average oil price settled at around $100 per barrel.