Lakeland Dairies has increased its milk price by 3.4c/l from February, paying 44.6c/l excluding VAT for March supplies.

This price is inclusive of the lactose bonus for milk at 3.6% fat and 3.3% protein.

On average, the Lakeland Dairies payout in the Republic of Ireland will be over 47.65c/l, excluding VAT, for March milk.

A spokesperson for the co-op said that dairy markets remain stable, underpinned by moderate levels of supply in key dairy producing regions, with solid demand in key markets.

The spokesperson also noted how on-farm and dairy processing costs have increased significantly on every front.

Lakeland Dairies said it will continue to monitor market developments.