President Joe Biden’s approval rating sank to a new low with just a third of all Americans approving of the job he’s doing as president, according to a new Quinnipiac University poll released Wednesday.

The president’s approval rating was at 38 percent in CNBC’s latest poll, also released on Wednesday. When the survey polled Americans in October and December, 41 percent approved of Biden’s job as president. In July, his approval rating was even higher, at 48 percent.

In both polls, the majority of respondents were not satisfied with Biden’s performance, with 54 percent disapproving in the Quinnipiac University poll and 60 percent disapproving in the CNBC All-America Economic Survey.

The new numbers came just a day after the annual inflation rate reached 8.5%, its highest level since December 1981, and against the backdrop of the ongoing war in Ukraine.

The CNBC All-America Economic Survey was conducted from Apr. 7 to Apr. 10 with 800 adults. The margin of error is 3.5 percentage points.

Quinnipiac’s poll surveyed 1,412 adults between Apr. 7 and Apr. 11 and has a margin of error of plus or minus 2.6 percentage points.