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 January price includes an Input Support Payment of 1.5 cent/litre, inclusive of VAT, for all suppliers.
In Northern Ireland, Lakeland Dairies has reduced the milk price by 5p/litre to 42.5 p/litre. The January price includes a supplementary Input Support Payment of 1.5 p/litre.
According to Lakeland Dairies, 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.’
Concluding, Lakeland stated that it will pay as competitive a milk price as possible, in line with market conditions.