Restaurant chains are competing to offer customers the cheapest meals they can. Here are some of the best deals.

• Burger King and McDonald's are both set to launch their own $5 value meal deal.
• Other fast-food and restaurant chains are also getting involved in the value-wars.
• Chains are trying to lure diners back in, after high prices of fast food have turned many away.

The fast food wars are heating up, as Burger King is set to launch its own $5 value meal deal.

It's not the only fast food chain to start offering lower-priced deals. So how do the other fast-food and restaurant chains offers stack up?

Burger King's offer is similar to the McDonald's deal. It includes a sandwich, chicken nuggets, fries, and a drink all for $5, Bloomberg reported. But this deal is set to run for over a month, unlike the one from McDonald's.

McDonald's will launch its $5 offering at the end of June. It includes a choice between two of the chain's signature burgers — a McChicken or a McDouble — and a four-piece McNuggets, fries, and a drink.

Other chains are expanding their meal deals. Wendy's has announced that it's adding to its $3 breakfast deal for a limited time. Customers can pair a small portion of seasoned potatoes with a choice between two breakfast muffins — a bacon, egg, and cheese English muffin or a sausage, egg, and cheese English muffin, the company said.

Earlier this year, Taco Bell overhauled its Cravings Value Menu by adding six new "meal-sized" items to the menu, which features items under $3. The menu update came as customers are seeking more value, but have found rising prices at fast food chains.

Fast-food prices have stayed high since chains raised their menu prices during the pandemic in response to soaring food and labor costs. It's led some customers to order smaller portions or to start cooking more at home.

Restaurant chains like Chili's are also rolling out more deals and portion sizes to capture some of fast-food's lost diners. Chili's launched its new Big Smasher burger earlier this year — the burger costs $12.99 but comes down to $10.99 when part of the chain's "3 For Me" meal combo. The cheaper deals hope to capture those diners looking for value as fast-food prices creep up toward restaurant chain prices.