The Burger King logo is seen at its fast food restaurant branch in Danville, Pennsylvania
Burger King and McDonald's both offer $5 meal deals.
  • Taco Bell is the latest chain to offer a new lower-price combo deal.
  • Other fast-food chains like Burger King and McDonald's are also involved in the value wars.
  • Chains are trying to lure diners back in after high fast-food prices have turned many away.

The fast food wars are heating up.

Last week, Taco Bell became the latest chain to announce that it's launching a new $7 value meal deal.