Lakeland's milk price stays the same for third month

October price set at 58.85c/l

After a year of constant increases in price, the milk price set by Lakeland Dairies for October remains the same as August and September.

The Board noted a very significant weakening in global demand in the past month due to geopolitical and economic factors, as they set the set the milk price at 58.85 cent/litre. This price for October milk in the Republic of Ireland is inclusive of VAT, for milk at 3.6% fat and 3.3% protein.

This includes a supplementary 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.

In Northern Ireland, Lakeland Dairies has maintained the price of 47.5 p/litre. This includes an 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.

"Global dairy markets, including Asian markets, have remained under growing pressure in recent months with prices and demand both weakening very significantly in the past month.

"Geopolitical and economic issues, including inflation, interest rates and energy pricing, continue to affect overall market dynamics at every level. These factors are leading to reduced demand where sentiment among dairy buyers and consumers is becoming severely challenged in line with increasingly volatile market circumstances."