Milk price drop will wipe €2bn from dairy farmers' revenues - ICMSA
2023 has seen severe cuts to milk price paid to farmers, Mr McCormack said, so it "comes as no surprise to see the spending power of dairy farmers dramatically deteriorate".
Milk price drops so far this year will "wipe €2bn from dairy farmers' revenues in 2023" and in turn have "reduced spending in rural communities by possibly double that amount", analysis has shown.
This is going to have a "very serious impact" not only on dairy farmers themselves, "but on the wider rural economy in 2023 and well into 2024" according to Irish Creamery Milk Suppliers Association president Pat McCormack.
