Collectively, a selection of McDonald’s most popular items, from the Big Mac to an average order of fries, doubled in price between 2014 and 2024, according to the FinanceBuzz report. The increase is the largest among several major fast food chains examined by FinanceBuzz, a financial news and research website.
During the same period, inflation increased by 31%, according to the report.
All 12 restaurants examined by FinanceBuzz raised their prices at a rate higher than inflation. FinanceBuzz
Among the largest price increases was McDonald’s McDouble sandwich, which increased from an average price of $1.19 in 2014 to $3.19 in 2024, an increase of 168%. 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 these figures were “not an accurate representation of prices at McDonald’s restaurants” but did not provide further estimates on the extent of the chain’s price increase. .
“As the article itself notes, prices are set by individual franchisees and vary by restaurant,” the spokesperson said, referring to the FinanceBuzz report.
Burger King told Business Insider that it “has always offered quality food at affordable prices, and we will continue to ensure our customers receive great value with us.” Spokespeople for the other 10 restaurants mentioned in the study did not immediately respond to BI’s requests for comment.
FinanceBuzz looked at the pricing of 10 menu items from each restaurant included in the study. The company collected historical pricing data and, in the case of McDonald’s, adjusted it based on the variety of pricing strategies used by franchisees, he said.
McDonald’s has raised its prices several times over the past decade. One of the most visible examples is the demise of the Dollar Menu, which now includes items costing up to $3 – and few, if any, actually sell for $1.
Executives acknowledged in February that McDonald’s price increases had turned off customers who made $45,000 a year and less. Many are ordering less from chain restaurants and eating at home more often, they said.
But other restaurants raised their prices almost as much over the decade. Fried chicken chain Popeyes raised its prices by 86 percent, while Taco Bell raised them by 81 percent, according to the study.
Not all chains have been as aggressive in their increases. Subway and Starbucks increased their prices by 39%. At Starbucks, the menu prices of some items have risen more slowly than broader inflation: the average cost of a Caramel Macchiato has only increased 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 compensation, remain high.
Inflation continues to rise, 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 fall, but we can expect a pause,” he said in the FinanceBuzz report.
Do you work at McDonald’s or another restaurant chain and have a story idea? Contact this reporter at abitter@businessinsider.com
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