Venezuelan President Hugo Chavez threatened on Wednesday to nationalise the country's largest food producer, Empresas Polar, and said he is at war with the nation's business leaders.

Chavez said wealthy leaders of the country's main business chambers "have declared economic war against me."

"I accept the challenge," Chavez said in a televised speech. "I declare myself at economic war and I call the people and the workers to economic war."

He also warned Lorenzo Mendoza, president of food producer Empresas Polar: "If you think I won't dare to nationalise Empresas Polar, you're very wrong."

Chavez has accused business leaders of attempting to worsen Venezuela's economic troubles and weaken his political support. Business leaders deny it.

The oil-exporting country is struggling with 30 per cent inflation and a deepening recession.

The president, who is a close ally of Cuba and says he is leading the country toward socialism, has recently sharpened his criticism of Polar. The corporation's workers have been protesting the government's seizure of some of its food inventory and its plans to seize land where Polar has offices and warehouses.

Chavez has accused Polar of flouting price controls on food items and hoarding food -- accusations it strongly denies.

Chavez has blamed Mendoza, one of Venezuela's wealthiest men, accusing him of having secret ambitions of running against him for president in 2012.

There was no immediate reaction by Polar or Mendoza to the president's comments.