Shrinkflation. Meaning. The practice of reducing the size or quantity of a product while keeping the prices the same. This means consumers end up paying the same amount for less product. It's a way for companies to. Increase prices without raising. The listed price. Often due to rising production costs. Reduced size and quantity. Products like chips, ice cream, or even toilet paper might come in smaller packages or have fewer individual items like scoops of ice cream.