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 November of 3 p/litre in NI, and 3 cent/litre in ROI.

The Board of Lakeland Dairies has also decided to make an additional payment, in January 2023, 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 follows from a current year budgetary provision that was made to cater for extreme energy costs in 2022, and where fortunately that worst case scenario has been avoided.

This payment reflects market conditions and returns for 2022. Looking towards 2023, the Board is aware that market conditions are changing significantly.

Milk supply has increased in the large milk production regions across the world and global dairy markets have weakened considerably as a result. Higher inflation and interest rate increases have reduced consumer buying power and sentiment remains challenged.

Lakeland Dairies says it continues to monitor market developments.