Jif peanut butter owner J.M. Smucker cut annual sales and profit forecasts on Wednesday, hurt by cost-conscious consumers switching to lower-priced alternatives amid sticky inflation. While the company increased prices for certain products, including frozen food, to offset soaring raw material costs, it expects lower annual sales as shoppers defer spending on pricier goods. The company has seen weaker demand for its discretionary categories, including pet food and sweet baked snacks, as lower-income consume ...