- McDonald’s has increased prices the quickest of any fast-food chain since 2014, a new report says.
- Collectively, the cost of a group of McDonald’s most popular items has doubled in that time.
- Price increases at Starbucks and Subway were much closer to inflation.
Your favorite McDonald’s meal might cost twice as much as it did 10 years ago.
Collectively, a selection of McDonald’s most popular items, from the Big Mac to a medium order of fries, doubled in price between 2014 and 2024, the report by FinanceBuzz found. That increase was the most of several major fast food chains that FinanceBuzz, a finance news and research website, examined.
Over the same period, inflation rose 31%, per the report.
FinanceBuzz
Among the biggest price hikes was McDonald’s McDouble sandwich, which went from an average price of $1.19 in 2014 to $3.19 in 2024 — a 168% increase. The cost of a Quarter Pounder with cheese meal also more than doubled, from $5.39 in 2014 to $11.99 this year, according to the report.
A McDonald’s spokesperson said the numbers were “not an accurate representation of pricing at McDonald’s restaurants” but did not provide alternative estimates of how much the chain has raised prices.
“As the article itself notes, pricing is set by individual franchisees and varies by restaurant,” the spokesperson said, referencing the FinanceBuzz report.
Burger King told Business Insider that it has “always offered quality food at affordable prices, and we will continue to be very thoughtful about making sure our guests receive great value for the money they spend with us.” Spokespeople for the other 10 restaurants mentioned in the study did not immediately respond to requests for comment from BI.
FinanceBuzz looked at the price of 10 menu items from each restaurant included in the study. It collected historical pricing data and, in the case of McDonald’s, adjusted for the variety of pricing strategies used by franchisees, it said.
McDonald’s has increased prices multiple times over the past decade. One of the most visible examples is the demise of the Dollar Menu, which now includes items that cost up to $3 — and few, if any, that actually sell for $1.
Executives acknowledged in February that McDonald’s price increases have put off customers who make $45,000 a year and below. Many are ordering less at the chain’s restaurants and eating at home more often, they said.
But other restaurants raised prices nearly as much during the decade. Fried chicken chain Popeyes increased prices by 86%, while Taco Bell hiked them by 81%, according to the study.
Not all chains were as aggressive with their increases. Both Subway and Starbucks increased prices by 39%. At Starbucks, the menu price of some products rose slower than broader inflation: The average cost of a Caramel Macchiato went up just 17% over the decade, for example.
Inflation has slowed in recent months, and some restaurant chains have indicated they plan to slow price increases in 2024.
But other costs, such as employee pay, remain high.
Inflation is still increasing, which means higher prices at many fast food restaurants are here to stay, according to Daniel Roccato, a clinical professor of finance at the University of San Diego’s Knauss School of Business.
“We won’t see prices drop, but we can expect a pause,” he said in FinanceBuzz’s report.
Do you work at McDonald’s or another restaurant chain and have a story idea? Reach out to this reporter at abitter@businessinsider.com
