CARACAS: Under-fire Venezuela President Nicolas Maduro admitted his economic model has 'failed' in the wake of food and medicine shortages and public service paralysis, such as Tuesday's power failure that affected 80 percent of Caracas.

'The production models we've tried so far have failed and the responsibility is ours, mine and yours,' Maduro told his ruling PSUV party congress, as Venezuela looks to tackle chronic inflation the International Monetary Fund predicted would reach one million percent this year.