A new report released by the International Monetary Fund reveals that the United States is tied for the highest rate of inflation among 35 developed nations.

The Daily Wire reports:

The U.S. and Iceland are for the fastest rate of rising prices among 35 advanced economies. The IMF’s “Inflation rate, average consumer prices” rated both nations’ inflation at 4.3%.

The world’s worst inflation rate belonged to socialist Venezuela, which experienced a whopping 2,700%.

The IMF figure is significantly lower than the 6.8% year-on-year increase in the Consumer Price Index that the U.S. Bureau of Labor Statistics reported last Friday. The BLS noted the soaring inflation rate through October marks “the largest 12-month increase since the period ending June 1982.”

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The report stands as a further rebuke to the Biden administration, which spent months downplayed the impact higher prices have on average American citizens. The administration insisted the sticker shock consumers experienced in grocery stores and at gas pumps is “transitory.”

However, both Jerome Powell and Janet Yellen have since said they no longer categorize the current rate of inflation to be temporary.