Retailers including Walmart Inc WMT.N and Target Corp TGT.O have also warned of tough times ahead as rising prices of essentials force consumers to limit spending on clothing, accessories and big-ticket purchases. May 26 (Reuters) - Gap Inc GPS.N cut its annual profit forecast on Thursday, becoming the latest U.S. retailer to come under pressure from soaring costs and poor demand in the face of decades-high inflation. The San Fransisco-based company's dismal forecast comes in tandem with teen apparel peers American Eagle Outfitters AEO.N and Abercrombie & Fitch Co ANF.N, which have also projected weaker profits for the year.