US President Joe Biden on Tuesday warned Russia's ongoing war in Ukraine would continue to "take its toll" on the global economy as he acknowledged soaring inflation while touting his domestic accomplishments in Portsmouth, New Hampshire, CNN reported.

During his speech, the President said his administration was taking strides toward improving the nation's infrastructure, but acknowledged the difficult economic reality facing many American families.

"Look, we've made a lot of progress and we have an incredible opportunity ahead of us but we know that families are still struggling with higher prices," he said in remarks.

Biden cast blame directly on Russian President Vladimir Putin as a "big reason for inflation."

"The invasion of Ukraine has driven up gas prices and food prices all over the world. The two major bread baskets of wheat in the world are Ukraine and Russia. ... What we saw in the most recent inflation data was last month about 70% of the increase in inflation was a consequence of Putin's price hike, because of the impact on gas and energy prices," he said.

"The fact is that we are in a situation where the war in Ukraine is going to continue to take its toll on the world economy. It's going to take its toll on energy. It's going to take its toll relative to food. ... An awful lot of people are hurting. It makes a big difference, it makes a big difference, the cost of a dozen eggs, the cost of a gallon of gasoline, it matters," Biden said.

The trip comes as the White House grapples with persistent global supply chain issues that have been driving up prices for American families. A recent report showed consumer prices hit a new 40-year high in March, and much of that jump was driven by rising gasoline and food prices. These problems are only getting worse amid Russia's invasion of Ukraine and as parts of China implement lockdowns due to a fresh spike in Covid-19 cases.