Russian Central Bank chairman sees grain exports as only risk of inflation

07:58, May 31, 2011      

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The upcoming resumption of Russian grain exports is the only serious factor which might fuel higher consumer price inflation in the country, Central Bank Chairman Sergei Ignatyev said on Monday.

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

Local analysts also expressed their concerns over the resumption, saying the lifting of grain exports ban may sharply drive food prices upward in 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 one of the measures to tap the potential of Russian agricultural producers.

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

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

The inflationary pressure remained high, the Central Bank said.

Source: Xinhua
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