Kerry Group announced further drop in milk prices

Kerry Group has announced a further drop in milk prices for its suppliers.

The agri-food giant says its base price for May milk supplies is 37 cent per litre.

This compares to 38 per cent in April and 40 cent per litre paid to suppliers in March.

Kerry says global dairy markets continue to struggle with significant demand uncertainty.

The Tralee-headquartered company says this uncertainty is largely attributed to a misalignment of income with inflated prices and rising interest rates, resulting in weakened purchasing power.