Commodities prices are getting to McDonald's (NYSE: MCD), again. According to Reuters, "McDonald's Corp said on Thursday it was considering further price increases, but would do nothing that slowed customer traffic into its global network of stores."

That may be wishful thinking. In a recession, even modest increases in prices can drive consumers away in droves. The company will still have a Dollar Menu, but that dollar will buy a bit less in terms of food and drink.

McDonald's is indeed playing with dynamite if it tries to get a bit more money out of its customers. People can still buy a can of beans and eat at home.

McDonald's could make the choice of keeping prices level and taking slightly smaller margins. It could go to its investors and say that its operating income could fall by a modest amount because customer loyalty is more important long-term than earnings-per-share are short-term.

If it does those things, its shareholders should be happy.

Douglas A. McIntyre is an editor at 247wallst.com.