Fast Food Prices Have Risen 6.2% in 2023 — Here’s How Much More a McDonald’s Big Mac Now Costs
Written by
Josephine Nesbit
Edited by
Nicholas Morine
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Inflation cooled more than anticipated in October, but food prices still remained high last month. This includes popular fast-food chains, as menu prices rise faster than inflation. However, customers have noticed that picking up a quick dinner at the drive-through doesn’t offer the same value it once had.
Prices at limited-service restaurants are up 6.2% this year, according to the Bureau of Labor Statistics’ latest consumer price index (CPI) report, as overall inflation hovered around 3.2% year-over-year.
CBS News reported that one viral social media post showed a McDonald’s Big Mac combo meal for nearly $18 in Connecticut. Over the summer, the average cost of a Big Mac in the U.S. was $5.58, according to CBS — up 69 cents from January 2020.
Company executives also acknowledged that menu items are pricier this year, CBS added. Ian Borden, the company’s CFO, stated In an October earnings call that the average pricing level in the U.S. for the full year will be just over 10%.
As a result, McDonald’s has seen less business from low-income customers. McDonald’s president and CEO Chris Kempczinski told analysts that traffic in the quarter was down, but at the same time, same-store sales are up 8.1%, and the company reported $6.69 billion in revenue for the third quarter.
Thankfully, there are ways to take advantage of deals at fast-food chains to potentially save some cash.
For example, the McDonald’s app almost always offers a free or $1 large fry with any purchase, as reported by GOBankingRates, and you can earn 100 free points for every dollar you spend. You can also order cheaper menu items, like the McDonald’s chicken sandwich for $4.39 — one of the cheapest premium fast food chicken sandwiches you’ll find, according to The Krazy Coupon Lady.
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