(Adds shares, profit comparison and analyst comment) By Ananya Mariam Rajesh Oct 6 (Reuters) - Levi Strauss & Co cut its full-year profit forecast on Thursday, as decades-year high inflation hits consumer spending and a strengthening U.S. dollar adds to worries alongside higher costs. Consumers are shifting their focus away from higher-priced products and clothes to essentials due to rising inflation, affecting Levi's and other apparel makers. The rapidly strengthening dollar and higher product costs also caused Levi's to post adjusted gross margin of 56.9%, down 60 basis points, compared with a year earlier.