The latest EU milk market observatory report shows that the average EU farm gate milk price fell back by 2% in January compared to the average price a month earlier.

According to the data compiled by the European Commission's Agricultural and Rural Development Directorate the average EU farm gate milk price was 53.5c/kg in January.

In contrast butter prices soared to 728€/kg - up 9% in January, compared to the previous four weeks.

However a separate report published today (Thursday, March 13) also details that milk prices in the EU increased sharply - by 15.3% on average - in the last quarter of 2024, compared with the same quarter of 2023.

Ireland was one of the EU countries which recorded the steepest price increases of 43.7%, while milk prices in Lithuania also rose by 33.2% and in Belgium by 30.8% and in Sweden by 30.3%.

Overall the Eurostat report shows that in the fourth quarter of 2024, the average price of agricultural output that farmers got at the farm gate in the EU increased by 2.2% compared with the same quarter in 2023.

According to the Eurostat report this represents "the first increase since the second quarter of 2023".

However, the average price of goods and services consumed in agriculture - inputs not related to investment, such as energy, fertilisers or feeding stuffs - fell back 2.7% compared with the fourth quarter of 2023.

The latest Eurostat report also highlights that the average price of agricultural output increased in most EU countries in the fourth quarter of 2024.

The sharpest rates of increase were observed in Ireland - up 18.4%, Hungary were there was an increase of 14.9% and Romania, where they rose by 11.0%.