I think it’s different enough from shrinkflation that it needs its own name. My gripe specifically was with Naked Juice, where if it was just being sold in a smaller bottle, I would buy more. But the recipe has actually changed to a point where I don’t want to drink it at all now, because it’s just not the same.
From an article linked above, my emphasis added, this is different because consumers are less able to protect themselves from it by being informed:
“We have long observed shrinkflation and bad value for money maxi packs,” Laura Clays, spokesperson for consumer protection organisation Test Achats, told The Brussels Times. “However, these tactics were mainly dubious from a financial point of view. This is still unacceptable, but consumers were able to protect themselves by keeping an eye on the price per unit.”
She stressed that in the case of “cheapflation”, the consumer is left more or less powerless. “This tactic is really about what people are ingesting, which is even more sneaky. While this will likely not have major health effects, eating less fishy fish sticks is definitely not a healthier meal option, so that’s not ideal.”