Dairy farmer members of the Co-operative Dairy Group will receive a one pence per litre (ppl) increase on their August 2012 rate.
They will now be paid 30ppl from 1 October 2012, following a “review of market conditions.”
As well as working with suppliers to provide a sustainable milk price, the Co-op says it is committed to helping farmers improve their profitability.
“We are in continuous dialogue with our farmers and keep our payments under constant review. We are making this move in recognition of the increasing input costs as we approach the autumn period, in particular animal feed prices, and the poor silage crop as a result of the unprecedented wet summer weather,” said Co-operative Foods CEO Steve Murrels.
The move has been welcomed by the UK National Farmers Union (NFU), which called the price increase “a positive step.”
