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Arla’s price for conventional milk will reduce by 1.73 pence for the manufacturing litre, taking it to 29.27 pence from 1 February 2018.

Commenting on the decision to reduce the price, Arla Foods amba board director, Johnnie Russell, said: “The recent dramatic falls in European commodity markets have continued into the new year. This has been particularly felt in fat-based products where we have seen falls in commodity market butter prices of circa 40 per cent and cheese prices of circa 30 per cent, over the last three months from the historical highs in 2017.

“Protein based products have not been immune either, though falls are less due to the significantly lower values of these products. Despite signs of some stability in global markets in recent weeks, the impact of these significant price decreases is still being felt across all of our markets, affecting the whole industry.”