Lakeland Dairies drops August milk price

Lakeland Dairies Board has decided to reduce the milk price for August by one cent per litre, influenced by a "weakening in consumer demand" worldwide. In the Republic of Ireland, farmers will receive 47.25c/l, inclusive of a 0.5c/l Sustainability Incentive Payment, a reduction from July's pricing. In Northern Ireland, the August milk price is pegged at 38.3p/litre, also including the sustainability payment and marking a one pence per litre decrease compared to July. The price cuts are attributed to strong milk supply and inflation, alongside geopolitical tensions affecting trade and market confidence.