McDonald's just admitted that it's too expensive, and it's driving some customers away

• McDonald's says that high prices have contributed to its falling sales.
• Global comparable sales dropped 1%. Its CEO said the company hadn't homed in enough on value.
• He said customers are looking for more deals and either buying fewer items per order or cheaper items.

McDonald's just admitted that its food is too expensive, contributing to falling sales at the fast-food giant.

McDonald's CEO Chris Kempczinski told investors on Monday that "external pressures" had affected its business, like a wider slowdown of the quick service restaurant sector and the war in the Middle East.