Taco Bell enters the battle for affordable meals with its biggest deal ever

This is the summer of fast-food battles, and Taco Bell isn’t sitting idle. The chain announced Thursday that it’s entering the fray with one of its biggest deals ever.

The Luxe Cravings Box is a collection of four of their most popular dishes, including a Chalupa Supreme Taco, a meaty 5-layer burrito, a double-topped taco, chips with nacho cheese sauce, and a medium drink, all for $7 – a 55% discount compared to purchasing each item individually.

The offer, which will remain on menus through September, shows that Taco Bell is not immune to the economic pressures facing chains, so the company has been offering discounts on its menu to win back customers who are eating out less and spending less.

Starbucks, Burger King and – new this week – McDonald’s have all launched similar low-price offers to lure back cash-strapped consumers and stimulate spending ahead of the release of their upcoming earnings results.

“We believe fast food should be a luxury that everyone can afford every day,” said Taylor Montgomery, Taco Bell’s chief marketing officer, adding that the menu offers “large favorites” while some competitors’ offerings have smaller portions.

Montgomery told CNN the Luxe Craving Box is the most “comprehensive” offering ever and offers “more to consumers than we’ve ever given them before.” He declined to say whether the new offering will be sold at a loss.

In parent company Yum Brands’ latest earnings report, sales at Taco Bell’s U.S. stores rose just 2 percent, a sharp decline from the chain’s 11 percent growth in the same quarter last year. Like its competitors, Yum has been vocal that some of its problems are due to customers spending less on fast food.

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