McDonald's sales decline for first time in years as higher fast food prices hurt demand

McDonald's saw a drop in sales for the first time in years as it struggled to draw in cash-strapped customers amid higher menu prices.

McDonald’s CEO Chris Kempczinski said that the company's system "sustained significant inflationary cost increases" between 20 to 40%, depending on the market, over the last several years.

"As we absorb these cost increases in partnership with our franchisees, we look for ways to protect restaurant profitability via productivity efforts and selective price increases," Kempczinski said.