A 500ml container will increase from 60p to 65p, while a litre carton will rise by 10p to £1.15.
Most of the milk produced on island is processed by the creamery, which is a farmer-owned co-operative.
Boss Findlay Macleod said the Manx dairy industry faced ‘unprecedented’ cost pressures “from farm to factory”.
The first increase since 2020 was “very small” given increased costs of both farming and manufacturing, he added.
Retail prices are set by the Milk Marketing Committee (MMC).
Mr Macleod said the cost of animal feed had increased by 13%, while fertiliser prices have more than doubled.
To keep the Manx dairy industry viable, the creamery therefore has to pay more to farmers.
The co-operative had also “felt the impact of the rise in the cost of living”, Mr Macleod added, meaning it was facing increased labour, packaging, fuel and transport costs.