This cult classic fast-food chain is freezing prices for the rest of 2016

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Steak 'n Shake's menu prices are set in stone for the rest of the year.

The 82-year-old chain has announced it will not raise its menu prices for the rest of 2016, in an effort to distinguish itself from the competition.

January ushered in a wave of value deals across the fast-food industry, from Burger King's five for $4 deal to McDonald's McPick 2. However, it seems likely that prices will rise as the year progresses, with a recent Fast Casual industry report finding that 60% of restaurant owners and operators say they plan to increase menu prices to improve profit margins.

The price freeze will include offerings such as the Double Cheese Steakburger 'n Fries for $3.99, milkshakes for $2.99, and all-you-can-eat pancakes for $3.99.

"We operate Steak 'n Shake on a simple principle: If we take care of our customers, our customers will take care of us," Steak 'n Shake CEO Sardar Biglari said in a statement.

To celebrate the price freeze, Steak 'n Shake is giving away free classic milkshakes when customers order with the chain's mobile app from now until January 27.

Steak 'n Shake is a Midwestern icon, known for its burgers made with T-bone and sirloin. While the chain is best known in the Midwest, there are now more than 500 locations across the US. Under the leadership of Biglari — whose company Biglari Holdings also owns Maxim Magazine — the chain has begun to expand internationally in the recent years, with locations in the United Arab Emirates and Saudi Arabia.

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This cult classic fast-food chain is freezing prices for the rest of 2016

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