The Ornua Purchasing Price Index (PPI) lifted for January.
The result which was published on Wednesday 3 February put the index at 107.3, up from 104.2 last month, which translates into an equivalent price lift of 1.2c/litre.
When adjusted for the Ornua Value Payment and accounting for 7 c/l assumed processing costs it puts the January equivalent milk price at 29.73c/l ex VAT (31.4 incl VAT).
So taking the January equivalent price at 29.7 c/l and then adding on the estimate of the Ornua Value Payment of 2.34 c/l, we get the final comparable equivalent milk price of 32.04c/l ex VAT (33.7c/l incl VAT).
Farmers can compare this price directly with their own co-op milk price. The average of the December milk league was 30.4c/l ex VAT at base solids.
The GDT index finished up 1.8% this week. This is the sixth consecutive lift. The price of whole milk powder lifted 2.3% to $3.458/t.