07:14 AM EDT, 05/30/2024 (MT Newswires) -- McDonald's (MCD) President Joe Erlinger said Thursday that he was frustrated and worried about what he described as inaccurate social media posts exaggerating the prices of its meals.

"We have seen viral social posts and poorly sourced reports that McDonald's has raised prices significantly beyond inflationary rates," he wrote in a letter posted on the company website Thursday.

He cited reports about $18 Big Mac meals, saying this was at only one of its more than 13,700 locations in the US. He also rejected suggestions that the price of Big Macs has jumped 100% over the last five years, insisting that the price has increased only 21%.

The company plans to launch a limited-time $5 meal promotion this summer. Erlinger said that more than 90% of its US franchisees continue to offer meal bundles for less than $4.

Price: 250.14, Change: +0.77, Percent Change: +0.31