Accredited official statistics

United Kingdom milk prices and composition of milk statistics notice - February 2024 statistics (published 28 March 2024)

Updated 28 November 2024

1.1 Key messages

• This release shows the latest information on average farm-gate milk prices, volumes and the butterfat and protein content of UK produced milk.

• The UK average farm-gate milk price for February 2024 is 37.34 pence per litre (ppl). This represents a 0.9% (0.34 ppl) decrease on January 2024 and a 21% decrease on the same month last year. (Figure 1.2).

• Butterfat decreased 1.6% from last month at 4.26%. Compared to last year, butterfat is 0.8% lower on February 2023. (Figures 1.3a).

• Protein decreased 0.9% from last month at 3.43%. Compared to last year, protein is 1.5% higher than February 2023. (Figures 1.3b).

• February volumes are 1,179 million litres, down 4.8% on January 2024 and 2.3% higher than February 2023. (Figure 1.4).

1.2 United Kingdom farm-gate milk price (pence per litre)

1.3 Average butterfat and protein content of United Kingdom produced milk

1.3a. Butterfat %

1.3b. Protein %

1.4 United Kingdom wholesale milk production (million litres)

1.5 Percentage change in key items: February 2024 compared to February 2023

Item	Percentage change
Milk price	-20.8
Milk volume	2.3
Butterfat	-0.9
Protein	1.5

1.6 Trends

Figures 1.2 to 1.4 above show the values for the latest 12 months along with the five year average, maximum and minimum monthly values . There is a generally a strong positive correlation between milk composition (butterfat and protein content) and milk price.

Farm-gate milk prices reached record highs in 2022, peaking at 51.6ppl in December 2022. Prices began to steadily fall in the first two quarters of 2023 and have remained between 35.0 – 38.0 ppl for the last two quarters of 2023.

1.7 Retrospective payments

Some companies make retrospective bonus payments. We do not reflect these payments in the monthly milk price figures. The annual average price for farm-gate milk in 2019, including retrospective payments, is 29.10 ppl, 0.23 ppl more than the annual average price without retrospective payments (28.87 ppl). In 2019 total retrospective payments were 2.0% lower than 2018 at £34.7 million.

A retrospective payment is when a company makes a payment to a farmer that is outside the normal contract price they receive and is generally paid on prior production, for example profit sharing.

1.8 Revisions and estimates

England and Wales survey response in February was 93%.

1.9 National Statistics status

National Statistics status means that our statistics meet the highest standards of trustworthiness, quality and public value, and it is our responsibility to maintain compliance with these standards. The statistics last underwent a full assessment Assessment Report 271 Statistics on Agriculture against the Code of Practice for Statistics in 2014 Since the latest review by the Office for Statistics Regulation, we have continued to comply with the Code of Practice for Statistics and have enhanced data quality by reviewing methodologies and data sources. The next update of this monthly notice is at 09:30 on 25th April 2024.

Enquiries to: Julie Rumsey, Tel: +44 (0) 208 026 6306

email: [email protected]

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