Prices have jumped up on nearly everything -- from gas, to clothing and even to fast food.
People are fed up with these prices and are taking to social media to sound off about how much they’re paying.
McDonald’s is working to combat some of this frustration by introducing a $5 meal deal and trying to convince other franchise owners to do the same.
That proposed $5 meal deal would likely consist of three menu items: A McChicken, a McDouble or 4-piece chicken nuggets along with an order of fries and a drink.
A study from the website “Finance Buzz” found that McDonald’s had the largest surge in its prices over the past ten years.
For example the price of a 10-piece McNugget meal has increased by 83%, while an order of medium fries has increased by 138%.
Finance Buzz says McDonald’s is one of 5 restaurants that raised prices at more than double the actual inflation rate.
The inflation rate from 2014 to 2024 was 31%.
McDonald’s raised prices 100% during that time; Popeyes, 86%; Taco Bell, 81%; Chipotle, 75% and Jimmy John’s, 62%.
Restaurant chains are pointing to rising labor costs as a key factor in driving up food prices.
Across the US, 22 states raised their minimum wages at the beginning of the year.
In California, fast-food chains with 60 more locations nationwide must pay workers $20 an hour following the passage of a new law.
Florida’s minimum wage goes up to $13 an hour this September, thanks to an amendment that was approved in 2020.
It will continue to rise until it reaches $15 an hour in 2026.
Meantime, Wendy’s and Burger King are also offering a $5 value meal, like the one McDonald’s is proposing.
For the other chains, they appear to be looking towards rewards points programs, discounts and mobile apps in an effort to keep customers loyal.