How Much Has the Price Changed Over 20 Years

Fast food used to be the cheap and quick go-to meal, but over the last few years, prices have been climbing, and in some, cases skyrocketing. Sixty-five percent of Americans are stunned by fast food bills, and consumers now believe grabbing fast-food is a luxury, according to a LendingTree survey.

As inflated prices still soar, fast food prices have increased, including McDonald’s, which was at the center of controversy for its shocking price hikes in 2023. A spokesperson for the chain told the New York Post that “pricing is set by individual franchisees and varies by restaurant.

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“This is not an accurate representation of historical or current pricing at McDonald’s restaurants, and the 2024 average prices listed are significantly inflated.”

While it’s true prices vary depending on location and state, the cost of a Big Mac has evolved drastically over the years. Here’s a look at how prices have changed from the 2000s to now.

The Big Mac was introduced in 1967 and has become one of the chain’s beloved menu items. In 2000, the Big Mac was $2.24, according to The Economist’s  Big Mac Index and consistently increased in price throughout the decade.

In March 2002, it was $2.35. In May 2005 the price was $2.58 in May 2005, and $3.21 in May 2008, notably during the time of the Great Recession, which was caused by the burst in the housing market, per the Federal Reserve History.

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By 2010, the economy was starting to pick up again, and so did prices. In June 2013, a Big Mac averaged $4.18 and in July 2019, the price jumped to $4.71, according to the Big Mac Index.

The reason for the increase in price can be attributed to several factors. In 2013, ABC News reported that talks of raising the minimum wage from $7.15 to $15 was a hot discussion, which affected fast food prices. In addition, there was a rise in beef prices during that year, per the Financial Times, which also contributed to the inflated cost.

In 2019, McDonald’s operational costs rose 40% over a five-year period, per the company’s corporate page and prices were reflected in the menu prices.

In December 2020, the world was in the midst of a global pandemic and prices increased as a result of a disruption in supply chains and reduced employee availability, Axios reported. The average price of a Big Mac during 2020 rose to $6.32 as a result, per the outlet.

Today, the Big Mac is $5.99, according to the menu due to inflated prices per McDonald’s corporate page. It’s worth noting that many McDonald’s restaurants are independent franchises, and the owners can price items at their discretion.