MOSCOW, May 22 (Reuters) - The continued rise in global grain prices due to bad weather poses an inflationary risk for the Russian economy, the Russian central bank said on Wednesday.
On Tuesday Russia's IKAR agricultural consultancy cut forecasts for Russia's wheat harvest and exports after unusually hot spring weather combined with bitter frosts in the heart of Russia's bread basket.
Two waves of frost this month have particularly affected central Russia, the Volga region and northern parts of the Southern Federal District.
In April, the Bank of Russia said inflation was set to ease more slowly than previously thought and may not fall to its 4% target this year. Its next rate-setting meeting is scheduled for June 7.
(Reporting by Elena Fabrichnaya Writing by Maxim Rodionov; Editing by Mark Trevelyan)
