First Milk announces milk price increase of 0.8p per litre

First Milk has today announced a price increase of 0.8 pence per litre
First Milk has today announced a price increase of 0.8 pence per litre

British farmer-owned First Milk has announced a price increase of 0.8 pence per litre commencing from August.

The dairy co-operative has announced the price increase from August 1 on a liquid standard litre basis (4% butterfat, 3.3% protein).

This announcement takes the price to 28ppl, whilst the manufacturing standard litre (4.2% butterfat and 3.4% protein) will be 28.95ppl.

Commenting on the announcement, Jim Baird, Vice Chairman and farmer director said the increase will be "welcomed" by farmers.

“[It] will go some way towards helping to offset the additional costs caused by the continued hot weather,” he said.

“There have been two key changes in recent weeks affecting the dairy markets - the hot and dry weather is bringing some uncertainty over UK and European milk production, and, although still relatively strong, markets have shown signs of weakening in the last six weeks.

Mr Baird added: “As always, we remain focused on maximising member milk price and delivering the best returns we can.”

The price increase follows news of First Milk starting a £6.5m investment project at its Haverfordwest creamery which will expand capacity by 20%.