Dairygold suppliers will be paid a base price of 24.2c/litre excluding VAT.

The co-op had also held its milk price last month.

So far this month, Lakeland Dairies has cut its January price and Glanbia has held it.

Dairygold’s decision was in spite of continued deterioration on dairy commodity markets, with the New Zealand-based Global Dairy Trade auction recording a 2.8% drop in prices earlier in the day.

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Dairygold launches fixed milk price scheme