Lakeland Dairies has moved to cut its April milk price on the island of Ireland.

Suppliers in the Republic of Ireland will see their price fall below the 40c/l mark to 37c/l, excluding VAT, a cut of 3.8c/l on the March price.

The base price includes a 1.4c/l input support payment for suppliers.

Northern Ireland

In Northern Ireland, the processor cut the price by 3.5p/l to 31.5p/l for April.

The price also includes a 1.5p/l input support payment.

Demand

The balance of global supply and demand remains outweighed by a stronger level of supply with reduced market returns a continuing factor based on modest demand from buyers, a Lakeland Dairies spokesperson said.

"The overall inflationary climate continues to affect consumer sentiment and buying patterns.

"Lakeland Dairies will strive consistently to pay the highest milk price feasible, as sustainably as possible and despite ongoing uncertainty in the current market conditions.

"The co-operative is continuing to monitor market developments closely."