Venezuela Experiences widespread food shortages and inflation forecast to surpass 700%

Coca-Cola is halting production of its namesake soft drink in Venezuela for the foreseeable future due to a shortage of sugar. The US company says it is being forced to take the action because it has run out of the raw material. Venezuela’s economy is teetering on the edge of collapse with widespread food shortages and inflation forecast to surpass 700%.

Last month, Venezuela’s largest food and drinks company, Empresas Polar, stopped production of beer because it was unable to obtain enough imported barley. Coca-Cola said sugar-free drinks would be unaffected. The move comes after a week of violent clashes between security forces and supporters of the opposition to President Nicolas Maduro. READ MORE