Executives for fast food behemoth McDonald’s addressed concerns about the affordability of their menu items as inflationary pressures impact the economy.

The company, which has long maintained a reputation for cheap and fast meals, has faced criticism in recent years for rapidly increasing menu prices, a phenomenon that drives low-income consumers away from the restaurants and toward eating more often at home. One franchise in Connecticut recently went viral for charging more than $7 for an Egg McMuffin, while another drew attention for charging nearly $18 for a Big Mac combo meal.

McDonald’s chief financial officer Ian Borden said on a Monday earnings call that the firm is devoted to “maintaining an affordable price point” for their consumers.

“Providing our customers with affordable options has always been core to our brand, and it's even more important as consumers feel pressure on their spending, particularly the lower-income consumer,” he said. “We continue to listen to our customers by evolving our value offerings, maintaining strong perceptions in value for money and affordability.”

McDonald’s chief executive Chris Kempczinski acknowledged that this year will involve “elevated absolute prices and muted consumer confidence” as their customers “will continue to be more discriminating with their dollars.” The company hopes to leverage their mobile app to continue driving customer loyalty and offer discounts.

Americans have dealt with increased inflation over the past three years as prices for food, energy, and other essentials continue to rise. Price levels were increasing at a 3.4% pace as of December 2023, according to data from the Bureau of Labor Statistics, which is higher than the 2.0% average targeted by the Federal Reserve but lower than the 9.1% rate seen in June 2022, which marked the most rapid increase for price levels in roughly four decades.

McDonald’s executives noted that they would have to cope with “significant wage increases” mandated in California by a new law which mandates a $20 minimum wage for fast food workers. The requirement will increase annually at the direction of a state Fast Food Council.