Sonic announces $1.99 value menu: What's on it

(WJET/WFXP) — Sonic Drive-In is the latest fast-food restaurant to join the growing "price war" to attract more customers as inflation continues to drive up prices.

The "FUN.99" menu offers many of their most popular foods as well as a new addition, all for just $1.99. Customers can pick up a Quarter Pound Double Cheeseburger, Chili Cheese Coney, Queso Wrap, Small Tots and any 16-ounce shake, each for $1.99.

"Now more than ever, consumers are focused on affordable food options, but they shouldn’t have to settle for the same old, tired discounts or boring meals," Ryan Dickerson, Chief Marketing Officer of SONIC said in a news release.

The menu prices will be available all day every day and will be a permanent menu addition.

A recent study by FinanceBuzz found that over the last 10 years, menu prices have, on average, risen between 39% and 100%. That is more than the 31% overall inflation rate during that same period, according to the Bureau of Labor Statistics.

Many national chains have opted to embark on a "price war," trying to offer the most attractive deals.

That includes McDonald's, which announced a $5 Meal Deal (though it could be $6 in some parts of the country) last month. Taco Bell has launched a $7 "Luxe Cravings Box," which features four items and a medium drink. Wendy's recently rolled out a $3 breakfast combo, while Starbucks added its first "value menu" in June.

Not everyone is cutting their prices, though. Olive Garden said last month that it would be raising some of its prices after a drop in sales last quarter.

Nearly 80% of Americans say they view fast food as a luxury, according to a survey released earlier this year.

Nick Jachim contributed to this report.