The graph below shows changes in global food and oil prices between 2000 and 2011

Question

The line graph compares the average oil price and food price index between 2000 and 2011.

It is clear that the average international oil prices of both food and oil increased considerably over the period of 11 years. Furthermore, the trends for both commodities were very similar, and so a strong correlation (93,6%) is suggested.

In 2000, the average global oil price was close to 25$ for a barrel and food price index was at around 85 points. For the next 4 years, both figures remained relatively stable, before rising steadily from 2004 to 2007. By 2007, the price of oil had more than doubled, to nearly 60$ per barrel, and the food price index rose by 50 points.

From 2007 to 2008, there were a dramatically increase in both figures. Food price index jumped significantly at more than 220 points, while the average of oil price reached a peak of approximately 130$. However, by the beginning of 2009, the oil price slumped roughly by nearly 90$ and food index dropped to about 140 points. Finally, in 2011, the average oil price rose once again, to about 100$ per barrel, while food price index reached its peak, at almost 140 points.

Answer 1

The line graph compares the average oil price and -> with the food price index between 2000 and 2011.

It is clear that the -> bỏ average international oil  -> bỏ prices of both food and oil increased considerably over the -> over a period of 11 years. Furthermore, the trends for both commodities were very similar, and so a strong correlation (93,6%) is suggested.

In 2000, the average global oil price was close to 25$ for a barrel, and the food price index was at around 85 points. For the next 4 years, both figures remained relatively stable, before rising steadily from 2004 to 2007. By 2007, the price of oil had more than doubled, to nearly 60$ per barrel, and the food price index rose -> had risen by 50 points.

From 2007 to 2008, there were -> was a dramatically -> dramatic increase in both figures ( both commodity prices). The food price index jumped significantly at more than 220 points, while the average of oil price reached a peak of approximately 130$. However, by the beginning of 2009, the oil price had slumped roughly -> bỏ by nearly 90$ and the food index dropped to about 140 points. Finally, in 2011, the average oil price rose once again, to about 100$ per barrel, while the food price index reached its peak, at almost 140 -> 240points.