Lakeland Dairies has announced that a base milk price of 35.4c/l, excluding VAT, will be paid for December milk.

This is an increase of 1.1c/l, excluding VAT, for milk supplied last month and follows a 1.9c/l rise in the previous month.

Qualifying farmers will also receive an increased out-of-season top-up payment of 4.76c/l, excluding VAT.

In Northern Ireland, an increased base price of 30.5p/l will be paid for milk supplied in December.

In a statement, the co-op said: “As we face into 2024, the global dairy markets are more favourable but remain delicately poised. While there are some positive market indicators, particularly around milk supplies in key production regions, demand uncertainty remains.

Meanwhile, the Ornua purchase price index (PPI) for December has fallen to 125.5.

This is a farm gate equivalent price of 35.3c/l, excluding VAT.