Task 1

The line graph gives information about the average global oil price and the food price index from 2000 to 2011.

Overall, the average both commodities prices increased significantly between 2000 and 2011. Furthermore, the trends of both commodities were very similar, and so strong correlation (93,6%) is suggested.

In 2000, the food price index was around 90 points, while the average price of oil stood at $25 per barrel. Over the following four years both prices remained almost stable. By 2007, the average oil price was over double, to nearly $60 per barrel, and food prices climbed by about 50 points.

From 2007 to 2008, there was a dramatic increase in prices both oil and food, with oil price reaching a peak of approximately $130 per barrel and the food price index growing to 220 points. In 2009, however, the average global oil price declined considerably by roughly $90, and the food price index was seen a significant drop by about 80 points. Finally, in 2011, the average oil price rose once again, to nearly $100 per barrel, while the food price index reached the highest point of almost 240 points.