The move comes as the fast-food giant battles slowing global sales and an inflation-driven cost-of-living crisis.

According to Bloomberg, the $5 Meal Deal may include popular menu items such as the McChicken or McDouble, along with a side of fries and a drink. To help roll out the offer, The Coca-Cola Company has pledged financial support.

The decision to introduce the affordable meal comes as more Americans are opting to eat at home due to soaring inflation rates, which have directly impacted the prices of fast-food items. FinanceBuzz reports that a standard McDonald's Quarter Pounder with cheese meal now costs an estimated $11.99, a significant increase from $5.39 a decade ago.

McDonald's CEO, Chris Kempczinski, emphasized the company's commitment to affordability during a recent earnings call, acknowledging the need for a national value platform. "I think it's important to recognize that all income cohorts are seeking value," stated Kempczinski.

The announcement of the $5 Meal Deal had a positive impact on McDonald's stock, with shares rising 2.7% on Friday, marking the largest daily increase since January 2023. In contrast, rivals Wendy's and Burger King saw their share prices decline.

However, the fast-food chain may encounter challenges in convincing US franchise owners to adopt the offer. Earlier this year, 95% of franchisees rejected the $5 Meal Deal, expressing concerns over potential loss of earnings. This was particularly true for McDonald's branches in California, where a new law requires fast-food workers to be paid at least $20 per hour. Consequently, many fast-food outlets in the state have been forced to raise their prices to cover the higher labor costs.

The Independent reached out to McDonald's for comment on the reports of the $5 meal deal. As of the time of writing, the company has not responded.

The introduction of the $5 Meal Deal signals McDonald's determination to address affordability concerns in the midst of a challenging economic environment. Time will tell whether this initiative will successfully attract more customers and revive the fast-food giant's global sales.