The board of Lakeland Dairies has today (Friday, November 11) confirmed that it is continuing to hold its current milk price level.

It is the first processor to announce a price for milk supplied in October.

In the Republic of Ireland, the processor has maintained the price of 58.85c/L, inclusive of VAT, for milk at 3.6% fat and 3.3% protein.

Lakeland said that this includes the supplementary input support payment of 1.5c/L, inclusive of VAT, for all suppliers, including those with fixed milk-price contracts.

The support payment was introduced in August in recognition of "the unwelcome effects of inflation in the rising of all farm inputs”.

The processor also confirmed that all suppliers in the Republic of Ireland on fixed milk price contracts will receive an 8c/L supplementary payment, plus the additional 1.5c/L input support payment.

In Northern Ireland, Lakeland Dairies has maintained the price of 47.5 p/L which includes an input support payment of 1.5p/L.

All suppliers with fixed milk-price contracts will receive a 7p/L supplementary payment, in addition to the support payment.

"Global dairy markets, including Asian markets, have remained under growing pressure in recent months with prices and demand both weakening very significantly in the past month," a spokesperson for Lakeland said.

"These factors are leading to reduced demand where sentiment among dairy buyers and consumers is becoming severely challenged in line with increasingly volatile market circumstances.

"Lakeland Dairies continues to monitor market developments," the spokesperson added.