McDonald’s admits combo meal prices got too expensive, announces price cuts

(CNN) - McDonald’s is slashing the prices of its combo meals after admitting its menu has gotten too expensive.

The fast-food chain said its most popular combo meals will be 15% less than the cost of buying those items separately.

McDonald’s is also expanding its combo offerings to include a $5-breakfast deal and an $8 Big Mac and McNuggets special.

The chain hopes the move will draw back value-minded customers who were turned off by spending $10 or more on a fast-food meal.

That pricing has even drawn competition from some sit-down restaurants offering similar price points, like Chili’s and Applebee’s, which have been thriving in recent years.

McDonald’s lower prices will go into effect next month.