UK: Co-operative Group to increase milk prices
The Co-op will increase its price to GBP0.30 per litre with effect from 1 October
UK retailer The Co-operative Group is to increase the price it pays farmers for milk following a review of "market conditions".
The retailer said it will now increase its price to GBP0.30 (US$0.48) per litre with effect from 1 October.
"We are committed to supporting British farmers and to ensuring a long-term, sustainable future for British dairy farmers," said chief executive Steve Murrells.
"We are in continuous dialogue with our farmers and keep our payments under constant review, and 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."
The move follows a decision by dairy processor Arla Foods last week to increase the price it pays its co-operative members in the UK for milk.
Dairy Crest also said this week it is "on track" to up the price it pays farmers for milk after postponing plans to cut prices amid the fierce protests this summer.
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