Fast food has long been a staple of American diets because it is, or was, so inexpensive.
Not so much anymore.
Over the past five years, prices for popular menu items at chains like McDonald’s and Taco Bell have risen dramatically. The cost of a Big Mac or a Chalupa has doubled since 2019, according to archived and current pages of the Fast Food Menu Prices online tracker.
Restaurant inflation overall has been significant, though much tamer by comparison, with dining-out prices up 30% on average since 2019.
“My New Year’s resolution is to start taking packed lunches instead of getting fast food every day because it’s so ridiculously expensive now,” one Reddit user proclaimed earlier this year.
As consumer angst boils over, fast-food sales are declining as customers look elsewhere for convenient meals.
“Across almost all major markets, industry traffic is slowing,” McDonald’s CEO Chris Kempczinski told analysts last month. “We know our customers are looking for reliable everyday value now more than ever.”
In response, McDonald’s recently announced it was adding a $5 value menu, and Wendy’s countered with a $3 breakfast deal. Both, however, will be around for just a limited time. About 90% of McDonald’s locations in the U.S. have an ongoing $4 meal deal.