Burger King Announces $5 Meal

Fast food has never been so expensive. Or so cheap? The math isn’t mathing at the drive-thru lately. 

While food, labor, and real estate prices rise, consumers have become hyper-aware of the increasing costs of eating restaurant food versus cooking at home. In fact, fast food prices rose by a record high this year, so much so that typical fast food customers are now opting to eat at home for an affordable meal. That choice has put several major chains in a bind, with restaurants including McDonald’s, Taco Bell, and KFC reporting less than stellar earnings in the first quarter of 2024. 

In order to lure customers back to that good, salty, sometimes warm food and to appease shareholders, menu prices are dropping, at least, temporarily and only in select locations on select items. Yay? 

This month, McDonald’s announced the return of its beloved $5 value meal, which includes a McChicken or McDouble, four-piece chicken McNuggets, medium fries, and a drink, all for $5. Franchisees are reportedly unhappy with the offering, which they speculate will not be profitable, and customers were disappointed to learn the meal will only be available at locations that opt in for a short time this summer. 

One-upping its primary competitor, Burger King just announced a rival deal. The international burger chain, which reported high earnings for the first quarter of 2024, just announced a $5 combo meal that may tempt McDonald’s lovers. The $5 Your Way Meal will offer the choice of one of three sandwiches, nuggets, fries, and a drink. According to a Burger King spokesperson, this deal has been planned with franchisees since April and will run for several months. 

A competitive meal deal also just launched at Wendy’s, another fast food restaurant with a profitable first quarter. A $3 breakfast bundle includes the choice of a Bacon, Egg and Cheese English Muffin or a Sausage, Egg and Cheese English Muffin with a small order of Seasoned Potatoes for $3. The deal will be offered for a limited time and only from opening hours until 10:30 a.m. each morning. 

Fast food restaurants aren’t the only mega businesses reporting losses. Following four quarters of low sales, Target announced this week that it plans to lower prices on 5,000 items, including groceries. Reductions on milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and more will hopefully help shoppers save money this summer.