The ban, which will last from 15 August until 31 December, means that the cost of bread, cereal, pasta, and beer is expected to push wheat prices up by more than 25 per cent by the end of the week.
Premier Foods, foodservice provider and manufacturer of Hovis bread, has already this week reported a 50 per cent rise in the cost of wheat over the last year, and confirmed it would pass the cost onto caterers and consumers, a move which may increase the price of a loaf of bread by up to 10p.
The cost of meat is also expected to soar as well, as wheat is a core ingredient in animal feed.
Elevated wheat prices
Neil Saunders, consulting director at Verdict Research, told BBC News: "We can quite safely say that the general direction for wheat prices is up. The question for the consumer is how long wheat prices remain elevated. The longer they do, the more likely it will put an upward pressure on a lot of food products."
Putin said the decision was made in Russia's best interests after the drought wiped out 20 per cent of its average wheat crop.
Russia is the world’s third largest wheat exporter.