General Mills, the owner of Pillsbury, is anticipating a significant drop in annual sales and profit due to heightened competition from more affordable private label brands and the ongoing high cost of living in an unstable economic environment. The Minnesota-based company's shares were down approximately 3% before trading opened. Despite General Mills' efforts to lower prices, consumers, grappling with inflation, are seeking less expensive options for their daily necessities. The company is now predicting a 1.5% to 2% decline in full-year organic sales, a change from the previous forecast of flat to 1% growth. General Mills also expects a 7% to 8% decrease in adjusted profit for the year, revised from the previous estimate of a 3% to 1% decline.