Lakeland Dairies drops August milk price

Lakeland Dairies Board has cited a "weakening in consumer demand" globally as they dropped the price for milk for August by a cent per litre on the previous month.

A price of 47.25c/l (3.6% butterfat and 3.3% protein) will be paid for August milk in the Republic of Ireland (ROI) which is inclusive of the 0.5c/l Sustainability Incentive Payment. This is a reduction of 1 cpl on the price paid in July.

In the North, a price of 38.3p/litre will be paid for milk supplied in August which is also inclusive of the Sustainability Incentive Payment. This is a reduction of 1 ppl on the price paid in July.

"Prices are facing downward pressure, driven by very strong milk supply in all markets and a weakening in consumer demand, caused by inflation and lower spending power. Trade and market confidence are also being affected by geopolitical tensions."