First Milk has announced that its member milk price will increase 1.4p per litre from the 1st of July, and a further 3.05p from the 1st of August.
This will take its price on a manufacturing standard litre to 43.45p initially, and 46.5p from the 1st of August, including member premiums.
Commenting on the announcement, Robert Craig, farmer director and vice chairman, said: “We recognise that the rate of increase in our milk price may be slower than some others, given the scale of market change. This is purely a timing issue, and our business model enables us to recover inflationary costs and market movements from our customers over time.
“We remain completely focused on continuing to pass on these returns through the milk price to our members as soon as they are affordable.”