Ornua has increased November’s price purchasing index (PPI) by 3.3% on the previous month’s index in a move the processor’s co-op stated indicates a strong market return.

The index moved from 151.7 in October to 156.7 for last month, with processing costs remaining unchanged at 9.1c/l.

The November PPI leaves an indicative base return at 44.56c/l excluding VAT for milk at 3.3% protein and 3.6% fat, up from 42.84c/l excluding VAT for October.

Ornua also announced that its value payment to member co-ops for November is €3.2m, equal to 3.6% of its gross purchases for the month.

Ornua noted that its processing cost figure is averaged across its product offering and not necessarily representative of member co-ops’ processing costs and that the PPI excludes a member co-op margin.

October saw a marginal increase on the previous month’s PPI, while September’s PPI was also up on the previous month’s.