The line graph compares the average price of oil and the food price index between 2000 and 2011.
It is clear that there were upward trends in the average global prices of both oil and food. overall, the trends for both commodities were very similar over the given period.
In 2000, the average global oil price was close to $25 per barrel, and the food price index stood at 90 points. Over the following four years, both prices remained relatively stable before rising steadily to 160 and 140 respectively.
The period from 2007 to 2008 showed dramatic increases in both commodity prices, with oil prices reaching a peak of approximately $130 and the food price index rising to 220 points. However, in 2009, the former dropped by roughly $90, and the later was down by 80 points. Finally, in 2011, the average oil price rose once again to nearly $100, while the food price index reached its peak at almost 240 points.
- The graph below shows the consumption of 3 spreads from 1981 to 2007 11
- The graph below shows changes in global food and oil prices between 2000 and 2011 78
- The graph below shows the consumption of 3 spreads from 1981 to 2007 11
- The graph below shows changes in global food and oil prices between 2000 and 2011 100
- The graph below shows changes in global food and oil prices between 2000 and 2011