Venezuelan President Nicolas Maduro has promised to nationalise food distribution in the South American nation beset with record shortages of basic goods, runaway inflation and an escalating economic crisis.

During a rally on Friday, on International Workers' Day, the socialist leader allowed a union activist to ask for the nationalisation of food and essential-item distribution.

Various estimates suggest the government already controls about half of the country's food distribution, but that hasn't stopped record shortages in shops and markets.

Venezuela is struggling with a recession, 68.5% annual inflation and severe shortages of the basic goods that it relies on oil money to import.