'Out of control’: Social media users outraged over Five Guys burger meal costing $24 — are sky-high prices in America here to stay?

The itemized bill includes one bacon cheeseburger priced at $12.49, featuring no charge additions of bacon, ketchup and mustard. Accompanying the burger is a regular soda for $2.89 and a "little fry" for $5.19. With $1.34 in sales tax and a $2.19 tip added, the final total comes to $24.10.

The receipt gained attention on Twitter after user WallStreetSilver posted it, commenting, “Five Guys prices are out of control. $24 for one person.” The user stated that the receipt was initially shared on Reddit.

So far, WallStreetSilver’s post has received 25.4 million views, 13,000 comments and 77,000 likes.

Fast food affordability

This isn’t the first instance of social media buzzing about escalating fast food prices.

Burger fans have been encountering ballooning menu prices in America. The surging cost of the key ingredient has contributed to this. According to a recent CNN report, two all-beef patties are about 5.9% pricier than this time last year.

In February, a TikTok user said McDonald's is "becoming a luxury item" and the video went viral.

Last summer, a Twitter user shared a photo of a McDonald’s menu at a Connecticut rest stop, where a Big Mac meal was listed at $17.59. The user asked, “These McDonald's prices are nuts right?”

Fast food chains, traditionally known for being affordable, now face challenges in staying accessible to consumers.

During his most recent earnings conference call, McDonald’s CEO Chris Kempczinski said, “I think what you're going to see as you head into 2024 is probably more attention to what I would describe as affordability.”

The company’s CFO Ian Borden further stated that pricing decisions will be “consumer led,” adding that it’s the franchisees who set prices in their respective restaurants.

Jon Taffer, the executive producer and host of “Bar Rescue,” recently blamed policy makers and noted that consumers are starting to “get used to the $30 hamburger.”

Have we won the war against inflation?

Headline inflation has come down over the past year. In February 2024, the U.S. consumer price index saw an annual increase of 3.2%, down from its peak 9.1% increase registered in June 2022.

However, a slowdown in the rate of inflation doesn't necessarily translate to reduced prices. For instance, the latest CPI report showed that, over the last year, the index for food away from home rose 4.5%, while shelter index increased by 5.7%.