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 increasingly prioritizing their spending on essentials and shifting focus away from higher-priced products and clothes due to high inflation, affecting Levi's and other apparel makers such as Abercrombie & Fitch Co and Gap Inc . 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.