Lakeland Dairies has increased its milk price by 2.25c/l to pay 54.31c/l, excluding VAT, for July supplies in the Republic of Ireland for milk at 3.6% fat and 3.3% protein.

All fixed milk price contracts will receive an 8c/l supplementary payment.

In Northern Ireland, Lakeland Dairies has increased its milk price by 2.0p/l to 46p/l, while all fixed milk price contracts will receive a 7p/l supplementary payment.

Buoyant markets

The ongoing buoyancy in dairy markets is starting to level off, with auction prices well down from recent highs and a cooling off in demand for higher-priced product categories, a spokesperson for Lakeland Dairies said.

“Global economic conditions including severe inflation, high input costs at farm and processing levels and rising interest rates, aligned with seasonality and weather events, will continue to affect the international balance of supply and demand.

“Consumer sentiment is being affected by generally increasing costs across all kinds of goods and services including food and energy,” they said.

Lakeland Dairies continues to monitor market developments.