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With co-ops setting the price for milk supplied on October in the coming days, the PPI has shown its seventh consecutive rise.
The Ornua PPI for October has been set at 116.4, up from 114.3 in September. This is the highest the PPI has been since July of 2014, just before the Russian food embargo kicked in.
This equates to a milk price of 33.5c/litre (excluding VAT).
Ornua said strong performance in some cheese products is helping to offset the struggling butter market.
“It (the PPI) reflects higher cheddar prices, offsetting falling butter returns and lower SMP (skim milk powder) prices.”
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