The firm’s milk pool producers will benefit from a 2.6 pence per litre increase, while producers in its balancing pool will receive a price increase of 1.25ppl.
The increases will, however, be staggered over October and November, the firm added.
“Due to the fact that increased returns from the marketplace will be staggered over October and November, the company will move the liquid pool price in two stages: 1ppl from 1 October and 1.6ppl from 1 November,” said First Milk.
“The balancing price will also move in two stages: 0.5ppl from 1 October and 0.75ppl from 1 November.”
Once completed, the staggered increases will take the standard price for milk pool and balancing pool producers to 28.65ppl and 27.35ppl respectively.