This 2016, fast food competition among notorious chains such as Burger King, McDonald's and Wendy's have intensified as they fight to offer the cheapest meal deal ever. But it's not just the fast food burger giants that are vying for customers who are looking for more food at much lower costs. In fact, Pizza Hut has also launched a seven-item menu for only $5.

Fast food rivalries are getting crazier and more interesting this year as several chains launched their newest meal deal promos at incredibly low prices. According to USA Today, Burger King has raised the stakes in the cheap meal deal wars after launching its five-item meal for $4 on Tuesday. The deal is Burger King's answer to McDonald's McPick 2 and Wendy's 4 for $4 deals.

Burger King's latest promotion include a bacon cheeseburger, small French fries, small drink, 4 pieces chicken nuggets and a warm chocolate chip cookie, Business Insider noted. While McDonald's McPick 2 promotion allows customers to choose two items for $2 and among the items are McChicken, McDouble, mozzarella sticks and small French fries. Wendy's 4 for $4 deal, on the other hand, includes a junior bacon cheeseburger, 4 chicken nuggets, small fries and a drink.

The fast food chains have admitted that they are aggressively pursuing value-conscious customers looking for the cheapest meal deals. Burger King North America president Alex Macedo has also said that their latest promotion, which the duration is still unknown, is the company's strategy to attract more customers.

"[The promotion builds on the company's] strategy of bringing people into our restaurants with great tasting food at an accessible price point," Macedo said.

McDonald's, on the other hand, has been testing their McPick 2 promo for five weeks and has already expressed confidence that it will be a winner in driving sales, downplaying concerns that customers will trade down for cheaper items and lower overall sales.

Also joining the cheap meal deal competition among fast food chains is Pizza Hut. As a matter of fact, it has also launched a seven-item value menu on Monday. The promo will cost $5 if the customer purchases two or more. The menu options include one-topping medium pizzas, eight boneless wings, pasta, double order of breadsticks, chocolate chip cookie pizza, brownies and four Pepsi beverages.

Meanwhile, there are two reasons cited for the increase of the bargain combo menu. First, customers want to save money in the New Year, turning to quick-service chains for bargain meals. Second, fast-food companies are competing for the position as the best value chain while still turning a profit.