The forthcoming end to Russia's grain export ban is the only serious factor that can spur consumer price inflation in Russia, central Bank Chairman Sergei Ignatyev said on Monday.

On Saturday, the government cancelled its embargo on grain exports from July 1. The embargo was imposed last August in the wake of a severe drought which cut Russia's grain production by 37 percent, .

"This is the only serious, significant risk factor," Ignatyev said, when asked if lifting the ban would influence price growth.

The lifting of the ban will have an impact as early as July, he added.

The government originally considered extending the ban until September or October when it could assess the harvest.

Grain traders had opposed the ban, saying it would result in vast grain reserves accumulating in the south of the country and would make grain production less economically appealing, which could end up in lower grain production in the next harvest season.

Earlier on Monday, the central bank raised its deposit rates by 0.25 percentage points due to persistently high inflationary expectations and risks for sustainable economic growth.