McDonald’s new $5 Meal Deal isn’t going as planned (so far ...)

After McDonald’s ( MCD ) flagged a concerning trend in the restaurant industry in which consumers are pulling back their spending on fast food due to pressures from inflation, it unveiled a new $5 meal menu on June 25 to help lure back frugal customers.

The promotion , which will only be available for a limited time, allows consumers to purchase a $5 meal that consists of a McChicken or a McDouble, four-piece chicken nuggets, fries, and a drink.

Related: Chipotle test confirms customers’ suspicions about portion sizes

Too early to tell?

Now, more than a month after the menu made its debut, McDonald’s is reportedly failing to see it boost foot traffic at its restaurants, according to BTIG analyst Peter Saleh, who analyzed a series of franchise checks conducted by his firm.

"We note that comparisons ease in July, with the current month impacted by the timing of the July 4th holiday and Hurricane Beryl in Texas,” wrote Saleh in the note, which was obtained by Seeking Alpha .

Saleh also said that it is “too early to know” if the $5 meal menu will drive “profitable incremental traffic” at McDonald’s restaurant locations. He expects the promotion to extend into September. Despite the struggle with its $5 menu, Saleh also revealed in his note that McDonald’s is currently experiencing soft but slightly positive sales growth.

McDonald's CEO warns investors about frugal fast-food fans

Ahead of the $5 menu’s debut, McDonald’s CEO Chris Kempczinski warned investors during an earnings call on April 30 that consumers are pushing back against inflation, which is having a negative impact on the restaurant industry.

Related: McDonald’s reveals which menu items customers can kiss goodbye

“As I reflect on the first quarter of the year, it is clear that broad-based consumer pressures persist around the world,” said Kempczinski during the earnings call. “Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day to day spending which is putting pressure on the QSR industry.”

McDonald’s is one of the many major fast-food chains that have received backlash from consumers on social media for gradually increasing its prices. The company has reportedly hiked its menu prices by 100% since 2014, which is more than three times the national rate of inflation, according to a recent study from FinanceBuzz.

More food and dining:

• Chipotle test confirms customers’ suspicions about portion sizes
• McDonald’s reveals menu items customers can kiss goodbye
• Olive Garden is making a controversial change to its menu

Fast-flation scares off budget diners

In response to price increases across the fast-food industry, many Americans are beginning to avoid fast-food restaurants altogether.

According to a recent survey from LendingTree, 62% of Americans said that they are eating less fast food due to high prices. Also, 78% said that they now view fast food as a luxury since it has become more expensive, and 56% said that they opt to make food at home when they want an easy and cheap meal.

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