Tirlán has announced it will pay suppliers 53.4c/l, excluding VAT, for January milk supplied at 3.6% fat and 3.3% protein.

This is a reduction of 5.7c/l, excluding VAT, on Tirlán's December milk price and is a similar move to that of Kerry, Lakeland Dairies and Dairygold, which announced prices last week.

Carbery also announced its milk price on Friday. However, it saw a lesser reduction and dropped by just under 4c/l, excluding VAT.

This January price also includes a seasonality payment of 4c/l, an agri-input support payment of 6.5c/l and a sustainability action payment of 0.5c/l.

These payments will be adjusted to reflect the actual constituents of milk delivered by suppliers.

Market prices

Commenting on the price reduction, Tirlán chair John Murphy said that dairy market prices fell significantly from their record highs in the fourth quarter of 2022.

Strong global milk supply volumes and subdued consumer demand due to inflationary pressures were also a factor, he said.

"In recent weeks, indications suggest that markets are stabilising, albeit at low levels relative to historically high farm input costs.

"The board are conscious of the impact on our milk suppliers and will continue to closely monitor the situation on a monthly basis," he added.