Russian Central Bank chairman sees- resumption of grain exports would bring an immediate impact on domestic grain and food prices.

The upcoming resumption of Russian grain exports will be the only significant factor which may possibly fuel higher consumer cost inflation in the country, Central Bank Chairman Sergei Ignatyev stated on Monday.

"This is the only significant, significant risk factor," Ignatyev said, adding that the resumption of grain exports would bring an immediate impact on domestic grain and food costs.

Nearby analysts also expressed their concerns over the resumption, saying the lifting of grain exports ban may possibly sharply drive food prices upward inside the coming days.

On Saturday, Prime Minister Vladimir Putin announced that Russia will lift from July 1 its grain export ban which was imposed last year in the wake of a severe drought, saying the lifting of the export ban is among the measures to tap the possible of Russian agricultural producers.

Earlier on Monday, the Central Bank also raised from Tuesday its deposit rates by 0.25 percent points because of persistently high inflationary expectations and risks for sustainable economic growth.

According to the Central Bank, Russia's inflation in April and May possibly was higher than that inside the initial half of last year.

The inflationary pressure remained high, the Central Bank said.

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