Glanbia will pay its member suppliers 25c/L including VAT for September milk - farmers with no shares will receive 24c/L.

This price is inclusive of a 1c/L Glanbia Co Operative Society support payment to its members.

The price is a 1c/L reduction on the 26c/L paid to suppliers last month.

The Glanbia move comes after Kerry Group and Lakeland Dairies announced that they would both hold their September milk prices.

Kerry Group this week decided to hold the September milk price at 26c/L – the same price as its August milk price.

It was the second processor to announce that it was to hold its milk price, after Lakeland Dairies announced it was holding its September milk price at 26.25c/L.

Lakeland Dairies cut its August milk price by 0.75c/L to 26.25c/L.

The Ornua Purchase Price Index (PPI), a monthly indicator of market returns on dairy products, fell marginally by 0.6 of a point in September.

This is down from 91.2 points in August, which was also down marginally from July (91.8 points).

Earlier this year Ornua saw its PPI  for March hit 100 points up 2.5 points from February levels.

Compared to September 2014, the PPI index is down from 111.6 points, the latest fall represents the sixth consecutive fall in 2015.