Arla's milk price for September will remain unchanged at 50.35p per litre. The Arla on-account price for organic milk will also remain the same, at 56.01p per litre.

Arla Foods amba board director, Arthur Fearnall said the outlook was "stable albeit with a certain level of uncertainty.”

“While global commodity prices have weakened over the last month, our farmgate milk price for both conventional and organic milk will hold for this month as EU prices continue to remain at a high-level.

"Across Europe, we are facing a sustained decline in the overall supply of milk, however there is some stabilisation in intake levels in certain EU areas."

Meadow Foods has announced it will be increasing its milk price by 1p per litre from 1 September, First Milk will increase prices by 2.14ppl and Muller by 1p per litre bringing its price to 47ppl.

Joint chief executive officer at Müller, Rob Hutchison, said: “Throughout our supply chain, and on farm, we continue to see volatility in costs.