Usually means: Reducing product size, maintaining price.
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We found 3 dictionaries that define the word shrinkflation:

General (3 matching dictionaries)
  1. shrinkflation: Merriam-Webster
  2. shrinkflation: Wiktionary
  3. Shrinkflation: Wikipedia, the Free Encyclopedia

Definitions from Wiktionary (shrinkflation)

noun:  (economics, informal, neologism) The practice of making products smaller while continuing to market them at the same price.

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