New Taco Bell $7 Luxe Cravings Box enters fast food value meal arena

Wendy's has long offered a $5 meal deal , but newcomers like McDonald's and Burger King have prompted an influx of fast food companies vying for customers' attention and appetites.

Now, Taco Bell is the latest chain bringing more affordability to the table.

Taco Bell launches new $7 value meal deal

The California-based Mexican-inspired fast-food chain announced the launch of its $7 Luxe Cravings Box on Thursday, which includes a Chalupa Supreme, Beefy 5-Layer Burrito, Double Stacked Taco, chips and nacho cheese sauce, and a medium drink.

This limited-time offer gives customers a 55% discount off the suggested individual menu prices, according to Taco Bell.

The company said it created the new combo box "to satisfy fans' hunger with quality, full-sized fan favorites at an affordable price."

Taylor Montgomery, chief marketing officer for Taco Bell North America, said in a statement, "With the launch of the $7 Luxe Cravings Box, we're giving consumers our most craveable items at an affordable price point and living up to our commitment on value to satisfy cravings with fan favorite full-sized menu items. Our Cravings Value Menu is one of the leading value menus within the industry, offering 10 items at under $3, because we believe consumers shouldn’t have to choose between affordability and abundance."

In addition to McDonald's, Wendy's, Burger King and now Taco Bell, Subway also recently launched a new value menu item, the new $3 Footlong Dippers.