The competition between top fast food chains is heating up, with the latest offering from McDonald starting February 29 where customers could pick two out of the four McDonald's "iconic menu items" - a Big Mac, a Filet-O-Fish, a Quarter Pounder with Cheese or a 10-piece order of Chicken McNuggets - for a low prize of $5.

This latest announcement signals the latest development in the price war going on between the country's biggest fast food companies in their bid to secure their loyal customers to stick to the brand, a situation which would surely be welcomed by their customers.

McDonald's two main rivals have low priced deals as well. Wendy's recently introduced the four for $4 deal where customers can get a Jr Bacon Cheeseburger, 4-piece nuggets, fries and a drink.

Other rival Burger King offers an even cheaper 5 for $4 deal which include a bacon cheeseburger, crispy chicken nuggets, small fries, small drink and a chocolate chip cookie.

Even Pizza Hut joined the fray with its offering of a $5 "flavor menu" where customers are charged only $5 per order if they buy two or more.

Fast food restaurants are able to make these incredibly low-priced offers due to the low prices of key restaurant commodities such as beef, chicken, pork and wheat which are seen to remain below industry averages according to a BuzzFeed article by Venessa Wong. Citing a research by investment bank Cowen and Company, the article explains that lower-income consumers, who have always been the target for fast food companies, are benefiting from lower gas prices, falling unemployment and rising minimum wages which mean more money in their wallets to spend.

Darren Tristano, president of restaurant consultancy Technomic, explains that the pricing changes made by the major chains reflect their efforts to maintain their market share.