(Reuters) -Restaurant Brands International-owned Burger King is set to launch its own $5 meal deal, a company spokesperson said on Thursday, at a time when its rival McDonald's is also planning to launch a similar meal deal.

"We are bringing back our $5 "Your Way Meal" as agreed upon with our franchisees back in April," the spokesperson said.

U.S. fast food chains are in a tussle to attract customers at a time when cost-of-living crisis has forced them to eat more meals at home, prompting companies to turn their focus on offering better promotions and deals to improve traffic.

Bloomberg News first reported on the details of Burger King launching the $5 meal, adding that it will be launching the deal ahead of McDonald's.

Burger King's deal would include a choice of one of three sandwiches with nuggets, fries and a drink, according to the Bloomberg report.

Burger King plans to run its offer for several months, the report said, citing the memo. Meanwhile, McDonald's promotion would run for about four weeks, Bloomberg News reported earlier.

Besides the $5 "Your Way Meal" the Burger King chain is testing two other value platforms that could be ready in the second half of the year, according to the report.

Earlier in May, McDonald's U.S. franchises were considering launching a $5 meal deal, a source familiar with the matter told Reuters.

Other burger chains are also ramping up their promotions, with Wendy's announcing a $3 breakfast meal deal earlier this week.

McDonald's missed profit estimates for the first time in two years in its latest quarter, with the company saying consumers turned "more discriminating with every dollar they spend."

In contrast, rival Restaurant Brands topped Wall Street expectations for quarterly results, driven by a revival in demand at its Burger King outlets.