McDonald's says its $5 meal deal is just the tip of the iceberg

• McDonald's says it really wants to address its value problem.
• The chain has raised prices in recent years in response to inflation, putting off some customers.
• Its CEO said in a new interview that its temporary $5 deal is just the start of its refocus on value.

McDonald's isn't cheap anymore, but the company is promising to do something about it.

In an interview with CNBC's Squawk Box, the chain's president and CEO, Chris Kempczinski, discussed the chain's $5 value meal, which was initially launched in June for a month but has since been extended through August.

Kempczinski suggested that this deal is just the start of a renewed push into value for the chain.

"I would consider the $5 menu sort of chapter one of a multi-chapter value playbook that we're going to be writing," he said.

The $5 deal is "a bridge value program … what we'll be doing is putting in place a more permanent value program, much like we had previously," he said, referring to McDonald's' $1, $2, $3 menu.

Business Insider contacted McDonald's for more specifics on what it may offer but didn't hear back.

Kempczinski also shared his thoughts on consumer sentiment right now, pointing out that low-income consumers were being "much more price discriminating."

What started as a slowdown in consumer spending on fast food in the US has also now shifted to most of McDonald's key markets, he said.

"It's deepened and it's broad," he added.

McDonald's reported a 1% decrease in year-on-year comparable sales in its most recent quarter this week. And a 0.7% drop in the US.

During a call with investors after the company reported earnings, Kempczinski cited its higher prices — partly a response to high inflation — as a key reason for falling sales. Offering value is going to be key to winning customers back.

The company has been sounding the alarm on the struggles of lower-income customers for some time.

In February, it said that these diners were placing smaller orders and opting to eat at home.

"At the end of the day, the consumer is fatigued" by rising restaurant prices, Jim Sanderson, an analyst at Northcoast Research, previously told BI.

Even the most loyal fast food fans say they're switching up their routine and becoming less tolerant of the price increases as grocery prices fall and the value proposition of fast food becomes less apparent.