NEW YORK - If Subway's $5 Footlong is too expensive, the chain is now offering a $3 6-inch sub.

The promotion makes Subway just the latest chain to step up its value offerings as the competition for price-conscious diners intensifies. With the broader restaurant industry expected to be flat to modestly up this year, companies are going to greater lengths to convince people to eat out more.

Burger King this week introduced "King Deals" in select markets, which includes a daily featured entree, small drink and side for $4.99. Wendy's recently revamped its value menu and McDonald's has been playing up its Dollar Menu.

Subway says the $3 deal will be for a rotation of select sandwiches. The promotion kicks off in March with the Oven Roasted Chicken sandwich and runs through June.