Taco Bell joins fast food's value meal trend with $7 box. Here's what's in it

The battle between fast food companies and the dwindling customer dollar is heating up, with another one throwing its hat in the value meal ring.

Following in the footsteps of McDonald's, Wendy's and its other competitors, Taco Bell is introducing its own version of a combo deal in an effort to entice inflation-weary consumers back to its restaurants.

The "Luxe Cravings Box" includes multiple fan-favorite menu items for a total price of $7, including a Chalupa Supreme, Beefy 5-Layer Burrito, Double Stacked Taco, chips and nacho cheese sauce plus a medium-sized drink. Taco Bell says that adds up to a 55% discount off typical menu prices for the items.

Taco Bell's $7 Luxe Cravings Box is shown.

But the California-based company says the box will only be available for a limited time. Though Taco Bell didn't give an exact end date, its $5 Taco Discovery Box — another recent value meal that was only available on Tuesdays — left the menu on June 4. But the Cravings Value Menu, with 10 items for $3 or less, is here to stay.

"With the launch of the $7 Luxe Cravings Box, we're giving consumers our most craveable items at an affordable price point and living up to our commitment on value to satisfy cravings with fan favorite full-sized menu items," said Taylor Montgomery, Taco Bell North America's chief marketing officer. "Our Cravings Value Menu is one of the leading value menus within the industry, offering 10 items at under $3, because we believe consumers shouldn't have to choose between affordability and abundance."

Taco Bell's move comes a week after McDonald's introduced its limited-time-only $5 value meal, which includes a four-piece chicken nugget, small fries, small soft drink and the customer's choice of a McDouble or McChicken sandwich.

And Wendy's also recently announced a similar $5 Biggie Bag that includes a sandwich, small fries, four-piece chicken nuggets and a small drink. Wendy's sandwich options include a junior bacon cheeseburger, crispy chicken BLT or a double stack.

This new value meal trend comes as foot traffic in the fast food industry has slowed amid rising menu costs and decreasing flexible spending budgets.

A recent report from consulting firm Revenue Management Solutions found consumers are visiting restaurants less than they used to, with nearly 40% of respondents saying they're cutting back on the area of spending.