Lakeland increases August milk price

The Board of Lakeland Dairies has decided the co-operative’s milk price for August.

Recognising the unwelcome effects of inflation in the rising costs of all farm inputs, the Board of Lakeland Dairies has implemented a supplementary payment for all suppliers, including suppliers on fixed milk price contracts.

In Northern Ireland, Lakeland Dairies has raised its milk price by 1.5 p/litre to 47.5 p/litre.

This reflects a new Input Support Payment of 1.5 p/litre.

On average, Lakeland Dairies will pay out 48.98 pence/litre for August milk in Northern Ireland including adjustments for constituents and quality, and volume bonuses and zero cartage charges.

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 raised its milk price by 1.5 cent/litre to pay 58.85 cent/litre inclusive of VAT, for milk at 3.6% fat and 3.3% protein.

This reflects a new Input Support Payment of 1.5 cent/litre, inclusive of VAT.

On average, the Lakeland Dairies pay out in ROI will be 63.6 cent/litre for August milk. 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.

Global dairy markets are finely balanced at present as the rate of milk supply levels off and inflationary pressures continue to drive a cooling off in demand for higher priced product categories. Geopolitical and economic issues continue to affect market and consumer sentiment alongside the potential impacts of an energy crisis in Europe.