President Joe Biden’s approval rating reached the “lowest level yet” amid rampant inflation and continually rising gas prices, an IBD/TIPP survey released Monday found.

According to the Investors Business Daily survey, Biden’s approval rating “sank to its lowest level yet” as just 43 percent of respondents approve of his job performance — a 2.4 percent decline over the last month. A majority, 57 percent, now disapprove, giving him a net approval underwater — -14. Those figures, however, are “excluding those who were unsure or declined to state an opinion.”

“Biden’s rating undercut his prior low of 44.4 in February and President Trump’s 43.5 approval rating as he exited office.”

IBD found:

Including the full survey group, 37% of American adults approve how Biden is handling the presidency, and 49% disapprove. That was a step down from 39%-47% in May. The prior low point for Biden’s approval was 38%-48% in February.

Democrats are primarily responsible for Biden’s recent dip, as 76 approved of his job performance in May, slipping ten points in the last month, as 66 percent of Democrats now approve. Independents are also disillusioned by Biden, as 56 percent disapprove of his job performance — a five-point increase since April. 

What is more, the number of Americans disapproving of Biden’s economic policies is continuing to grow, jumping from 47 percent in May to 52 percent in June:

According to IBD:

All signs point to inflation as a major source of Biden’s poor reviews. U.S. employers added nearly 8.7 million jobs in the first 16 months of Biden’s presidency, including 390,000 last month. Meanwhile, the average hourly wage has grown a strong 5.2% over the past year. Yet inflation has eaten away all of that increase and more for many Americans.

The IBD/TIPP Poll finds that just 18% of adults say their wages have kept pace with inflation, while 55% say they haven’t kept pace. Meanwhile, 90% of Americans are concerned about the path of inflation over the next 12 months, whereas 53% think we’re in a recession, up from 48% in May.

The survey was taken June 8-10, 2022, among 1,310 adults and has a +/- 2.8 percent margin of error. It coincides with a  Rasmussen Reports survey showing Biden falling to a 38 percent approval —  tying his record low in that survey. All the while, inflation has soared to 8.6 percent — the highest in 41 years — and gas prices continue to break record highs day by day, as the national average now surpasses $5.00 a gallon. 

Monday’s RealClearPolitics average had Biden’s approval underwater with a -15.7 percent spread.