Sonic has launched a new $1.99 value menu, the company announced Monday.

The company is the latest fast food chain to announce a value menu or meal deal, following the likes of McDonald's, which announced a $5 meal deal last week, and Taco Bell, which announced a $7 value meal combo Thursday. Burger King, Wendy's and Jack in the Box have also recently announced value meals.

Sonic touts its value menu for "catering to every taste bud and budget." According to a news release, the menu features the following items for $1.99 each:

• Quarter Pound Double Cheeseburger
• Chili Cheese Coney
• Bacon Ranch Queso Wrap
• Southwest Crunch Queso Wrap
• Small Tots
• Any of the 12 flavors of Sonic Shakes in a 16-ounce size

Sonic says the value menu, nicknamed the Fun.99 menu, will be a permanent addition to its overall menu.

“Now more than ever, consumers are focused on affordable food options, but they shouldn’t have to settle for the same old, tired discounts or boring meals," said Ryan Dickerson, chief marketing officer at Sonic, in the news release.

“The FUN.99 Menu is all about choice and fun, whether you want any  of our dozen shake flavors, a chili cheese coney, or our iconic tots as a midday snack – it’s all there for just $1.99,” Dickerson said.

McDonald's, Taco Bell, Burger King also offering value meals

McDonald's announced earlier this month that starting June 25, customers can get a $5 Meal Deal for a limited time at participating restaurants.

The meal deal includes four items: You can pick a McDouble or McChicken, 4-piece Chicken McNuggets, small fries and a small soft drink.

"We heard our fans loud and clear – they're looking for even more great value from us, and this summer that's exactly what they'll get," Joe Erlinger, President of McDonald's USA, said in a statement.

Taco Bell also recently announced a new combo meal meant to address the affordability of fast food. The new $7 limited-time Luxe Cravings Box is available now and features a Chalupa Supreme, Beefy 5-Layer Burrito, Double Stacked Taco, chips and nacho cheese sauce, and a medium drink.

The restaurant chain says the combo is priced about 55% lower than the price for the menu items bought separately.

Last month, Wendy's began offering a $3 breakfast deal for an English muffin breakfast sandwich and side of seasoned potatoes, and Burger King debuted the $5 Your Way Meal with a choice of three sandwiches, plus chicken nuggets, fries and a drink.

Jack in the Box has also recently announced a $4 value menu that has been available since early June. The menu features an assortment of "munchies," such as tiny tacos, curly fries and chicken sandwiches, for under $4.

Contributing: Mike Snider, Amaris Encinas & Taylor Ardery, USA TODAY

Gabe Hauari is a national trending news reporter at USA TODAY. You can follow him on X @GabeHauari or email him at [email protected].