As the Ukrainian conflict worsens, there are signs that more economic turmoil is on the way

President Joe Biden's visit to New Hampshire, a key swing state, to sell his domestic agenda was overshadowed by new economic warning signs of how Russia's invasion of Ukraine is increasing uncertainty and volatility in the global economy, compounding the challenges the President and his party face in November.

Democratic strategists had hoped that by this time last year, Biden and his Democratic colleagues in Congress would be out on the campaign trail, pointing to America's roaring comeback from the Covid-19 pandemic.

Instead, Biden and many vulnerable Democrats are cautiously navigating a 40-year high in inflation, the risk that new Covid-19 variants will derail the recovery amid renewed confusion over masking and the repercussions of a war in Ukraine that some Western officials now believe will last until the end of the year.

The International Monetary Fund downgraded its global economic growth forecast on Tuesday, predicting the global economy will expand by 3.6 percent in both 2022 and 2023, a sharp slowdown from growth of 6.1 percent in 2021.

The grind market in the US is strong, with the unemployment rate reaching a pandemic-era low last month, but it's unclear whether voters will reward Biden for it. CNN's Matt Egan reported on Tuesday that gas prices are rising again, with some forecasters predicting that Americans should brace themselves for increases as the summer driving season approaches.

That could be another setback for Biden, who only a few weeks ago announced with great fanfare that he was attempting to lower gas prices by releasing 1 million barrels of oil 1 day from the Strategic Petroleum Reserve for the next six months.

Concerns are also growing about how the war is contributing to increased global food insecurity, with US Treasury Secretary Janet Yellen stating in remarks on Tuesday that "the war has exacerbated an already dire situation." During the conflict, prices for essential commodities such as wheat, corn, soybeans, vegetable oils, and fertiliser have risen at an alarming rate.