Ornua's purchase price index (PPI) remained unchanged in February at 107.64 – equivalent to a milk price of 30.64c/l excluding VAT after processing costs of 6.5c.l. This is the highest February value for the index since 2014.

This is the third consecutive month of stability for the price of dairy products traded by Ornua.

Meanwhile, the New Zealand-based Global Dairy Trade saw a seventh consecutive rise in prices on Tuesday.

Co-ops are now expected to set milk prices for February.

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