Milk prices likely to fall by 15% in 2023

Nevertheless, margins will remain high in 2023.

In 2022, dairy farms achieved dramatically higher incomes.

Milk prices are likely to fall by 15% in 2023, as global milk production growth resumes and demand growth eases, according to Teagasc economists.

In a new report published by Teagasc on Tuesday, it is forecast that the average milk price in 2023 should still be sufficient to cover the production cost increases experienced over the last 18 months.