This rise maintains Meadow Foods’ industry-leading position and means the business has increased its milk price by 17pence this year alone.

Jim Bebb, supply chain director at Meadow Foods, comments: “We remain focused on delivering a competitive and sustainable milk price and are pleased to pass back this further increase to our producers.

“We continue to monitor the market and milk volumes closely, as there are signs that the global markets are slowing slightly. Despite this, overall markets are still at record highs and milk volumes in the EU and the UK remain well below last year’s volumes with little sign yet of recovery due to high inflationary costs and the prolonged drought affecting many areas.

“This latest price rise allows us to maintain our position at the front of the pack and to continue to support our producers with the ongoing inflationary cost pressures they face on farm as well as the increasing cost-of-living challenges.”