Lakeland Dairies reduces milk price for February

In Northern Ireland, Lakeland Dairies has reduced the milk price by 4p/litre to 38.5 p/litre. The February 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 46.85 cent/litre inclusive of VAT, for milk at 3.6 per cent fat and 3.3 per cent protein. The February price includes an Input Support Payment of 1.5 cent/litre, inclusive of VAT, for all suppliers.

While markets firmed somewhat over the past month, this has come from a low-level base of current prices.

Generally weaker conditions have continued due to higher global milk supplies and fluctuating demand from dairy buyers. This is against a backdrop of economic uncertainty with ongoing inflationary pressures impacting consumer, trade and manufacturing requirements for dairy products and ingredients.

Overall outcomes remain unpredictable and there is continuing variability which will remain a feature of global markets for the immediate period ahead.

Lakeland Dairies will seek constantly to maximise returns for milk suppliers and will pay as competitive a milk price as possible in line with market conditions.