Lakeland cuts its January milk price

In Northern Ireland, Lakeland Dairies has reduced the milk price by 5p/litre to 42.5 p/litre for January milk.

The January price includes a supplementary Input Support Payment of 1.5 p/litre.

In the Republic of Ireland, Lakeland Dairies has reduced the milk price by 6 cent/litre to 52.85 cent/litre inclusive of VAT, for milk at 3.6% fat and 3.3% protein.

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

A spokesperson stated: “The markets started turning towards the end of 2022 and have weakened very significantly in recent months with growth in global milk supplies continuing.

“High rates of inflation are affecting overall market sentiment. Demand has reduced, buyers have held back, exports have slowed and prices have eased considerably. This will have a continuing impact for all processors during 2023 and will continue to affect milk price, in line with weaker market conditions, over the coming months.

“Lakeland Dairies is acutely aware that any pricing adjustments create challenges for dairy farmers, as input costs remain high. The co-operative will seek at all times to maximise returns for milk suppliers. While the overall balance of supply and demand is challenged by increasing supplies, softer demand and reduced returns, Lakeland will pay as competitive a milk price as possible, in line with market conditions.”