In order to combat spiralling inflation, president Maduro has resorted to unusual measures. These days in Venezuela, selling toothpaste for more than the fixed government price has become an offence punishable by five years in prison.
Maduro's ''law of agreed prices,'' took effect last Thursday and sets legal maximum costs for a range of products which are judged to be essential commodities. These include pasta, sugar and rice.
The Marxist Mr Maduro blames speculators, rather than market forces, for the steep price increases.
Hear the president,
''No more with the thieves.''
President Maduro
Prices in Venezuela are increasing at nearly 50% a month. At this point, an economy technically enters hyperinflation. This phenomenon was seen in 1930s Germany and in Zimbabwe ten years ago.
Earlier attempts by the government to control inflation failed.
Venezuela's black market traders are known as bachaqueros - a voracious ant. Their average mark-up is about ten times the regulated price.
Price conversions can be complicated as Venezuela has two official exchange rates as well as a widely used black market exchange rate. This black market rate is now 25 times cheaper than the best official one.
The government has vowed to end all the distortions by enforcing the law. This would seem impractical, considering that millions of Venezuelans depend on the black market as a form of employment. It is also used as a source of otherwise unavailable goods.
In the view of Gretchel Topel, a 30-year-old restaurant owner in the city of Valencia,
''There is little sense in regulating the prices of things that are not actually available.''
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