President Donald Trump was served a warning that he was making a grave political mistake by denying economic reality.

The president stated during his “60 Minutes” interview Sunday evening that "we have no inflation" and insisted "our groceries are down," by a CNN analysis found inflation rose in September to its highest annual rate since January, while grocery prices were up 1.4 percent in most categories since Trump returned to the White House.

"With those two false claims, Trump is repeating a political mistake that haunted his predecessor, former President Joe Biden, and contributed to the Democrats losing the White House: Trump appears to be denying the economic reality that people are experiencing in their everyday lives," wrote CNN's David Goldman and Matt Egan.

"Denying that reality is a tough sell to Americans, many of whom seriously hate this economy, mainly because they feel those higher prices every time they go to the store," the report added.

Recent polling found 72 percent of Americans believe the economy is in poor shape, while 47 percent say the economy and cost of living are the top issues facing the country, and the analysts say Trump's denials could cost him as much as former President Joe Biden hurt his party's chances with similar claims.

"In June 2022, as millions of Americans were grappling with the highest gas price of their lifetimes and inflation hit a four-decade high, Biden highlighted strong gross domestic product (GDP) growth," CNN reported. “'Look, here’s where we are. We have the fastest growing economy in the world,' Biden said on ABC’s 'Jimmy Kimmel Live!,' a claim that CNN later deemed false."

Biden agreed that inflation “the bane of our existence,” but downplayed its sweeping impacts and preached patience.

"Voters didn’t buy it," CNN reported. "Biden’s speech dismissed the cumulative effect of rising prices that voters were living through."

Biden correctly argued that price increases were backing down during the last two years of his presidency and blamed corporate greed for the increases, the analysts reported, but Trump is straight-up lying about inflation and blaming his predecessor.

"Either way, the effect may be the same," CNN reported. "Americans don’t take kindly to politicians who refuse to see voters’ lived experiences – especially when they’re smacked in the face with high prices on every supermarket trip."