Odds the Venezuelan economy implodes hovering around 99%.

Dec 9 (Reuters) – Venezuelan President Nicolas Maduro pledged to deepen his “economic offensive” to force businesses to cut prices after his ruling Socialist Party won the most votes in weekend municipal elections.

With three-quarters of the 337 mayoral races counted by Monday morning, the Socialists and their allies had 49 percent of votes, compared to 43 percent for the opposition coalition and its partners.

That result derailed efforts by Maduro’s critics to turn the vote into a show of disapproval for his government and the legacy of late socialist leader Hugo Chavez.

The president’s candidates benefited from a populist crackdown in November to force merchants to slash prices of goods such as TVs, car parts and home hardware.

“This week we are going to deepen the economic offensive to help the working class and protect the middle class,” a triumphant Maduro told supporters in a rally after the results were announced late on Sunday night.

“This week it’s going to be the housing and food sectors. We’re going in with guns blazing, keep an eye out.”