The line graph illustrates the changes of average oil price per barrel and the food price index from 2000 to 2011.
Overall, it is obvious that both prices of oil and food increased dramatically over the period, and fluctuated significantly in the last four years.. Moreover, the figures for both were very similar with a really high correlation about 93,6%.
In 2000, the average oil price started at around $25 per barrel and the price for food stood at just under 90 points. After 4 years, these figures remained unchanged but both trends began to rise gradually between 2004 and 2007. Therefore, the average oil price had reached $60 per barrel, and food price had increased to around 140 points by 2007.
There was a significant increase in both oil and food prices from 2007 to 2008, with oil price reaching a peak at $120 and food price achieved 220 points. However, both figures witnessed a sharp decline in 2009, the food price reduced by 80 points and oil price plummeted to $40 per barrel. In the last 3 years of the time frame, the average oil price rose again to nearly $100, whereas food prices soared and reach a peak at almost 240 points.