This word sounds quite interesting when I read for the first time. It is a marketing strategy for downsizing packaging and keeping the price same. Pippa Malmgren is a British economist who coined this word and found mention in most of her twitter posts. It is a blend of the words shrink and inflation. Soon, shrinkflation got place in the dictionary of words.
Most business houses and manufacturing companies follow this approach as increasing costs eats up their profit margins.
Picture courtesy: Google
My Musings 