Former Trump economic advisor Steve Moore said inflation could bring down Joe Biden’s presidency – just like it did for Jimmy Carter.

Inflation grew between 15 to 18 per cent annually during Mr Carter’s presidency, which cruelled his chances of re-election.

New figures released this week have shown inflation is at its highest in 30 years.

The Consumer Price Index rose 6.2 per cent in the 12 months to October according to the US Bureau of Statistics

President Biden conceded inflation is a major problem for the American economy.

“Many people remain unsettled about the economy, and we all know why: They see higher prices,” President Biden said.

“Everything from a gallon of gas to a loaf of bread costs more, and it’s worrisome, even though wages are going up.”

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