Lakeland Dairies has announced an increase for its October milk price.

The Lakeland Dairies board has lifted its base milk price to 47.33c/l, excluding VAT, for milk supplied last month in the Republic of Ireland with 3.6% butterfat and 3.3% protein.

This is including a 0.5c/l sustainability incentive payment, which marks a 0.57c/l increase on its price compared with the previous month, excluding VAT.

The price boost comes on the back of a 2.39c/l lift in the September milk price and a 1.19c/l rise the previous month, both excluding VAT.

Meanwhile, for suppliers in Northern Ireland, a base price of 40.8p/l will be paid for milk supplied in October, which is inclusive of the 0.5p/l sustainability incentive payment.

Compared with the price in September, this is a 0.5p/l rise.

A spokesperson for Lakeland Dairies said: “The global dairy markets, having strengthened through quarter three, have stabilised in recent weeks with the supply and demand dynamic largely in balance.”