New Delhi, Feb 17: The food prices in Venezuela has reached all time high after the government led by President Nicolas Maduro devalued its currency. Reports claimed that a loaf of bread may cost in thousands. Similarly, a  person will have to pay 80 thousand Venezuelan Bolivars for one litre milk whereas a kilogram of meat will cost 3 Lakh bolivars. The acute shortage of food items caused widespread riots across the country in January this year. Also Read - In Wake of Historic OPEC Deal, Country With The World’s Largest Oil Reserves Struggles to Survive

In a similar riot, at least four people have died and 16 others got injured in Venezuela’s Merida state.  “An armed group in moving vehicles shot people queuing to buy rice in front of a store,” the Anadolu Agency quoted the Mayor Silvio Luis Torres, as saying. Also Read - January Retail Inflation Rises to 7.59% From 7.35% in December

According to the eyewitnesses, among the dead were a 17-year-old minor and a 23-year-old Manuel Alberto Oria Marquez, who was shot while looting a food truck. Also Read - Amit Shah Slams Opposition For Spreading Negativity, Says ‘It Couldn’t Find Solution to Unemployment in 60 Years' 

Venezuela is dealing with a major economic crisis caused due to the decline oil prices and sanctions levied by the United States.

On December 31, a young woman died after being shot in the head, allegedly by a soldier, while waiting in Caracas to buy pork distributed by the government.

Hyperinflation is expected to top 2,300 per cent this year in Venezuela. Local universities say 30.2 per cent of Venezuelans face poverty and 51.5 percent extreme poverty while the government puts the figures at 18.3 per cent and 4.4 per cent, respectively.