Taco Bell tests a new cheap deal amid rising prices

For as long as it's been around, fast food has attracted customers not just by the speed of delivery and taste but also by the low prices. 

Reports show that visits to fast-food restaurants rose amid the rampant inflation of 2021 and 2022 as those who would have otherwise gone to more expensive restaurants "downsized," with those in the lowest income bracket still often viewing it as the cheapest way to get a filling meal.

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That said, the rising prices of meats such as chicken and beef as well as the cost of production have significantly hiked up the price of the average item at a fast-food restaurant. A recent Finance Buzz report found that the average item at restaurants such as McDonald's  (MCD) , Yum! Brands  (YUM) -owned Popeyes, Taco Bell and Chipotle  (CMG)  rose by more than 60% between 2014 and 2024 and often significantly above the rate of inflation.

The $5 Discovery Box harkens back to a long cheap-eat tradition

Reports also repeatedly show that $5 is often the dividing line between what consumers see as a "good deal" and a regular item. That is the origin of the $5 Biggie Bag at Restaurant Brands International  (QSR) 's Burger King and $5 sandwich deals at Subway (that eventually disappeared.)

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Drawing upon this tradition of the $5 meal combo, fellow Yum! brand Taco Bell announced that it will be launching a $5 Taco Discovery Box every Tuesday between April 23 through June 4, 2024.

For that price, customers get three tacos — the new Cantina Chicken Crispy Taco that the chain at its Live! Más event last February as well as the chain's classic crunchy taco and Doritos Locos Taco — and a fountain drink. Basketball giant LeBron James and actor Jason Sudeikis have been tapped to promote the deal as self-proclaimed "Taco Tuesday lovers" while the word "discovery" refers to discovering the new cantina chicken protein that the chain has been promoting at every opportunity.

'We should all strive to try something new'

"To celebrate the arrival of the $5 Taco Discovery Box, iconic Taco Tuesday aficionados, LeBron James and Jason Sudeikis star alongside iconic classic tacos and the new Cantina Chicken Crispy Taco in a sitcom-inspired campaign, following the adventures of two friends trying entirely new things on Tuesdays," Taco Bell says of the promotion.

Sudeikis, in turn, released a statement saying that people "should all strive to try something new on Tuesdays whether it's a new taco, a different combination of your favorites or simply stepping out of our comfort zones during the week."

Earlier this year, Taco Bell brought back a discontinued drink called the Dragonfruit Freeze at $3.39 for a 16-ounce cup and $3.59 for a 20-ounce cup. Digging further into that customer search for value, the chain also launched a daily "happy hour" in which it will cost $1 between 2 and 5 p.m. every day.

The new Chicken Cantina menu includes the Cantina Chicken Crispy Taco and Cantina Chicken Soft Taco each priced at $2.99 and the Cantina Chicken Burrito for $5.99.