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Burger King is reportedly retreating from offering value meals as inflation starts to bite. Domino’s Pizza and other leading fast-food chain stores are also doing the same thing, and they are either reducing the number of discounted items or lessening the serving portions of the menu.
According to The Wall Street Journal, Burger King and the other chains are making this move in an attempt to improve their margins. Some of the company’s executives are hoping the cut back on value meal deals, and discounts menus would bring less pushback from customers than direct price increases.
The consumer prices in the United States were going up and recorded a seven percent annual gain in December 2021. As per the country’s labor department, this is the biggest increase since 1982. Economists stated that the contributing factors for the current rising prices are the strong demand, issues with the supply chain, and the consumer stimulus payments.
It was also noted that prices in restaurants had risen six percent at the year-end in December, and this is the biggest increase in almost four decades. A number of fast-food chains imposed price hikes several times in 2021, and they had no choice as this was their attempt to compensate for the rising costs of raw materials, labor, and food.
It was predicted that more price hikes are coming this year if the inflation will not be solved and continues. Value meals in fast-food outlets have long been offered in the U.S. Wendy’s, Taco Bell, and McDonald’s were the brands that have focused on discounted meals which proved to be a successful strategy to gain more customers.
At any rate, Burger King has started reducing its value meal items late last year. It is now making a lot of changes to its menu offerings in the U.S., and this could boost profits across all restaurants.
Some of the adjustments being made at Burger King include reducing the number of chicken nuggets to only eight instead of the normal 10, increasing price caps on value meals, and issuing price hikes on french fries, bacon cheeseburgers, and nuggets. It was added that the burger joint is also thinking of pulling out its signature Whopper from the list of discounted food items.
Meanwhile, CNBC previously reported that the value meals in fast-foods are returning but they are not cheap anymore. They also look different now due to the reduction of quantities, and this is due to the inflation, shortage of ingredients, and higher labor and food costs.
