March 18 (Reuters) - General Mills reaffirmed its annual sales and profit forecast ​on Wednesday after slashing it ‌last month, as pressure on consumer spending and stiff competition muted demand for the ​Cheerios maker's pantry staples and ​snacks.

Rising cost of living steered cash-strapped ⁠consumers to shift toward cheaper private-label ​brands and store-label products, weighing on ​sales of companies that have been leaning on price hikes.

Broad inflationary pressure, and added uncertainty ​from the Iran war is ​also squeezing consumer spending, dragging on sales of packaged ‌food ⁠makers, who are already facing the brunt of change in dietary preferences toward healthier foods, accelerated by fast adoption ​of GLP-1 ​weight‑loss drugs.

The ⁠company reaffirmed its annual targets of adjusted profit declining ​16% to 20% and organic ​sales ⁠to fall 1.5% to 2%.

It posted third-quarter sales of $4.44 billion, compared with ⁠analysts' ​estimates of $4.42 billion, as ​per data compiled by LSEG.