President Hugo Chavez’s government plans to loosen price controls on some basic foods to help stem shortages of items like milk and cooking oil, the finance minister said. Less than 40 percent of consumer demand is being met for at least 10 basic food items as Venezuelans struggle with shortages that have been partly blamed on price controls, Finance Minister Rodrigo Cabezas said. “The system of regulation cannot be a set of fixed prices without modification,” Cabezas told the AP on Dec. 17. Some of the current fixed prices will be “made more flexible,” he said. The government already lifted price controls on some types of milk earlier this month. (AP)