Customers of a number of supermarkets chains have benefitted this morning from cuts in the retail price of milk.
Lidl Ireland, which was the first to announce a 10c drop on the price of a two-litre container, implemented the cut on opening its shops earlier.
Supervalu was due to reduce its price this morning, with Tesco and Aldi intending on cutting their prices from tomorrow and Tuesday respectively.
It is good news for consumers who have seen milk prices rise steeply by 24% over the last 12 months, according to the Central Statistics Office.
The IFA's Keith O'Boyle said there is a need for intervention and "common sense" to address the costs of milk production.
Mr O'Boyle said he is doubtful that supermarkets and retailers will take the financial hit when they drop the price of milk, saying history will show they will "always" pass it back to the primary producer.
"Unfortunately, it is the farmer that milks cows all year round that is ultimately going to be the loser in this," he said.
He added that costs on the farm have escalated "outrageously".
Labour finance and enterprise spokesperson Ged Nash described the move by some Irish supermarkets as a "tacit acceptance that Irish consumers are being ripped off".
"We see today a race for good publicity between Irish supermarkets as they announce price reductions for milk," Mr Nash said.
"This is good news for shoppers, and it essentially confirms what I've been saying for weeks - price gouging is endemic throughout the grocery sector in Ireland. "These big and brave supermarkets must also commit to meaningful price reductions across the range of other products that they are using to cream it in," he added.
Additional reporting: Karen Creed
