First Milk has announced that its member milk price will increase by 1 pence per litre with effect from 1 December 2021.
The British farmer-owned co-operative announced on Monday evening (1 November) that its liquid standard litre will rise to 32ppl, including the member premium.
Commenting on the announcement, Robert Craig, vice chairman and director, said it was a 'welcome move in the right direction'.
“We are all acutely aware of the unprecedented cost inflation hitting dairy farmers and impacting on the whole dairy supply chain," he added.
"Whilst we know that this increase will not cover all that inflationary pressure for our members, it is a welcome move in the right direction.
"We will continue to work hard to mitigate increased costs and, with our customers, to recover them from the marketplace, so that we can get increased returns to our members as soon as we are able.”
It comes as the co-op recently unveiled a new £12.5m capital investment in its cheese and whey processing facilities for the forthcoming financial year.
This includes £9m invested at its Lake District Creamery in Aspatria, Cumbria, with a further £3.5m invested at its Haverfordwest Creamery.