New York CNN Business —Inflation is relentlessly high and food prices in particular are soaring. In the third quarter, McDonald’s US prices were up about 10% year-over-year on average. McDonald's prices were up about 10% year-over-year in the third quarter. Some might also be trading down to McDonald’s from more expensive chains or restaurants as menu prices increase at a slower clip than prices in grocery stores. “We feel very good about … McDonald’s value proposition,” said CEO Chris Kempczinski during the call.

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