Burger King to release $5 value meal to compete with McDonald's
Fast-food chain Burger King will be debuting a new value meal ahead of schedule as competitor chains launch meal deals of their own.
"We are bringing back our $5 ‘Your Way Meal’ as agreed upon with our franchisees back in April," a spokesperson for Burger King said on Thursday, May 23.
The news was first reported by Bloomberg News.
NEARLY 80% OF AMERICANS NOW CONSIDER FAST FOOD A ‘LUXURY’ DUE TO HIGH PRICES
The meal will consist of a choice of three sandwiches along with chicken nuggets, french fries, and a drink, said Burger King.
It is unknown when this promotion will begin, but it is expected to remain on the menu for several months.
Presently, Burger King is promoting a $6 "Birthday Meal," featuring a Whopper Jr., small fries, small drink, and a slice of "birthday pie" in celebration of its 70th anniversary.
The announcement of a new meal deal comes as rival fast food chain McDonald's prepares for a limited-time offering of its own $5 meal deal.
HOW IT STARTED... HOW IT'S GOING: FAST-FOOD PRICES SOAR UNDER BIDEN
The McDonald's $5 meal will consist of either a McDouble or McChicken sandwich, a four-piece McNugget, medium fries, and a drink, Fox Business previously reported.
The McDonald's promotion will last for four weeks at participating restaurants, beginning in late June.
Burger King's "Your Way Meal" was reportedly announced ahead of schedule to better compete with McDonald's new offering, multiple outlets reported.
Wendy's, another fast food chain, is also offering a limited-time combo meal, albeit only during breakfast hours. Wendy's previously offered a "Four for $4" meal that was similar to McDonald's and Burger King's upcoming $5 meals.
Early in the year, Wendy's said it was considering "surge pricing" its menu items – charging more during busier periods. This proved to be wildly unpopular on social media, and the chain quickly backtracked, saying that there were no plans to implement these changes.
Since 2019, fast food prices have increased dramatically, Fox Business previously reported. Restaurant prices as a whole have risen 22% since that time.
CLICK HERE TO SIGN UP FOR OUR LIFESTYLE NEWSLETTER
This is due to a combination of factors, including increased wages and the rising cost of ingredients.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"Across almost all major markets, industry traffic is slowing," McDonald's CEO Chris Kempczinski told analysts in April. "We know our customers are looking for reliable everyday value now more than ever."
For more Lifestyle articles, visit www.foxbusiness.com/lifestyle