Lakelands continue cutting milk price

DAIRY Co-op's latest cut sees price drop by 20c/l in four months

Dairy farmers supplying Lakeland Dairies face another price cut, with 4c/l slashed this time.

Board of Lakeland Dairies set the co-op’s milk price at 38.85c/l inclusive of VAT, (for milk at 3.6% fat and 3.3% protein) for April, saying it reflects "ongoing market conditions".

After sustained record milk prices for 2022 milk, this is the latest in successive cuts amounting to a 20c/l reduction in just four months.

The April price includes an Input Support Payment of 1.5 cent/litre, inclusive of VAT, for all suppliers.

Announcing the price for April milk, a Lakeland Dairies spokesperson said: "The balance of global supply and demand remains outweighed by a stronger level of supply with reduced market returns a continuing factor based on modest demand from buyers. The overall inflationary climate continues to affect consumer sentiment and buying patterns.

"Lakeland Dairies will strive consistently to pay the highest milk price feasible, as sustainably as possible and despite ongoing uncertainty in the current market conditions."

In Northern Ireland, Lakeland Dairies has reduced the milk price 3.5p/litre to 31.5p/litre. The April price includes a supplementary Input Support Payment of 1.5 p/litre.