Venezuelan soldiers close down electronic shops

Venezuelan soldiers have arrested five "bourgeois parasites" and closed down a string of electronic shops after President Nicolas Maduro's socialist government ordered the clamping down of uncontrollable spiralling prices.

In an effort to introduce cheaper prices, the president called the businessmen criminals and unscrupulous people exploiting the Venezuelan shopper with rocket-high prices.

Authorities on Saturday arrested managers of the Daka chain, sent troops to occupy its five shops and forced the company to introduce cheaper prices. This brought crowds to Daka's shops and sparked looting at one store in the central city of Valencia.

"The exercise of Daka is simply the tip of the iceberg. The government is committed to tackling the rich businessmen and right-wing political foes waging a war against Venezuela."

Meanwhile, in Caracas, soldiers organised hundreds of people into queues at Daka's store in Caracas, then called them in one by one.

Residents have been protesting of the price hikes and the increase in inflation.

Venezuela's annual rate of inflation is now 54 percent, the highest since Chavez came to power in 1999. Critics of the government say that is due to economic mismanagement rather than unscrupulous retailers.