Subway president talks value in food pricing trends, new $3 Footlong Dippers

As Americans continue to seek value amid increased food costs and inflation, Subway is adding its hat to the summer deals ring, offering customers the promise of more bang for their buck with a new menu item.

"We are starting to see restaurants come up with menu items that are focused on adding greater value. The challenge that comes with greater value is there's a sacrifice for consumers -- quality," Doug Fry, president of Subway North America, told "Good Morning America" about the current landscape and trends. "We don't think our guests need to sacrifice quality for price. So we're bringing in $3 Footlong Dippers."

On Tuesday, the fast food sandwich chain announced the debut of Footlong Dippers -- a hot, cheesy rolled snack made from the new lavash-style flatbread -- joining the Sidekicks menu for $3.

The new Footlong Dippers come in three flavors: pepperoni and cheese, chicken and cheese, and double cheese.

"It's really about consumers wanting to snack on the go, but not sacrifice quality or quantity for price," Fry said. "When I think about value, value is really about price, quantity and quality. That's what consumers need when they want to go over a value proposition."

Although inflation has dipped over the last couple months, Fry said that Subway is "focused on listening to guests" who have sought out snacks on the go.

"We want quality, something they can feel good about eating. With the $3 Footlong Dipper, it comes with 11 different sauces to choose from. Our consumers get to mix and match."

When it comes to course-correcting on food pricing, which lawmakers have called out as corporate greed using inflation as an excuse to raise prices, Fry spoke to how Subway is offering every day value across its locations.

"What we try to do is offer something for everyone's appetite and everyone's budget. We work closely with our franchisees who set their prices. We work with data analytics to make sure we are meeting the needs of our guests, offering value on every part of our menu, without sacrificing quality," he explained.

Whether its a fast food spot or the grocery store, Fry emphasized that the most value for consumers comes in the form of brand loyalty.

"I think loyalty programs in general are really important in today's economic times," he said. "Our MVP Rewards loyalty program is where our most loyal fans go to get the best perks, best values. We've given back $60 million in cash to our loyal fans. That's value going right back into their pocket. That's not going away."