Lakeland Dairies maintains current milk price level for December and makes additional payment for all 2022 milk

In Northern Ireland, Lakeland Dairies has maintained the price of 47.5 p/litre. This includes a supplementary Input Support Payment of 1.5 p/litre.

In Northern Ireland, all fixed milk price contracts will receive a 7 p/litre supplementary payment, plus the additional 1.5 p/litre Input Support Payment.

In the Republic of Ireland, Lakeland Dairies has maintained the price of 58.85 cent/litre inclusive of VAT, for milk at 3.6% fat and 3.3% protein.

This includes an Input Support Payment of 1.5 cent/litre, inclusive of VAT, for all suppliers, including fixed milk price contracts.

In ROI, all fixed milk price contracts will receive an 8 c/litre supplementary payment, plus the additional 1.5 c/litre Input Support Payment.

Milk suppliers will also receive the respective out of season scheme payments for December in ROI and NI.

Lakeland Dairies is also making an additional payment to all suppliers, for all litres of milk supplied in 2022, of 0.5 p/litre in NI, and 0.6 cent/litre plus VAT in ROI. This was decided by the board in December following from a 2022 budgetary provision that was made to cater for extreme energy costs and which, fortunately, was not required.

This payment reflects market conditions and returns for 2022. For the current year, the board is aware that market conditions are changing significantly.

Global milk supplies have continued to grow significantly and markets have weakened very considerably throughout the past quarter. Economic conditions worldwide remain uncertain and consumer spending power is increasingly compromised by inflation and cost of living circumstances, with continuing effects on buying patterns.

Lakeland Dairies continues to monitor market developments.