Glanbia will pay suppliers 47.5c/l, excluding VAT, for April milk supplies at 3.6% butterfat and 3.3% protein.

The price consists of a new 3c/l agri-input support payment along with Glanbia’s base milk price for April and its sustainability payment.

Glanbia’s board agreed to pay the input support payment on the back of record farm input costs.

“We are at a crucial time of year for investment in farm inputs to ensure adequate fodder supplies for next winter and spring,” Glanbia Co-op chair John Murphy said.

“The board has decided to make a 3c/l agri-input support payment on all April milk supplies.”

He added that the war in Ukraine is continuing to affect farm input costs and supply chains.

“Tight global milk supply has pushed European dairy product prices to record levels, with high input costs appearing to be curtailing any major global milk supply response,” Murphy said.

He added that will continue to monitor developments on a monthly basis.