McDonald’s ‘$5 Meal Deal’ appears to be bringing back bargain-hungry customers amid broadly higher post-pandemic food prices. The fast-food giant reported profit and sales Monday that missed analysts’ expectations, acknowledging an industrywide slowdown as consumers eat at home more often and trade down to cheaper items. And while McDonald’s reputation as a lower-cost option continues to put it at an advantage, it is a shrinking one. ‘Consumers still recognize us as the value leader versus our key competitors, but it’s clear that our value leadership gap has recently shrunk,’ CEO Chris Kempczinski said on an earnings call Monday. Since the onset of the pandemic in the spring of 2020, overall food prices in the U.S. economy have climbed about 24%, according to the Bureau of Labor Statistics, with food-away-from-home costs surging 27% as restaurants faced higher labor and supply costs. While McDonald’s weathered the resulting consumer environment as well as…
