I've never heard "reducflation" before. We mostly use "shrinkflation" for the same idea.

One of the patterns that plays out is shrinking the product, rather than raising the price, then introducing a new "grand" or "large" version that's the same size as the old one.

There's another interesting trend, that I refer to as "intensive shrinkflation", which is reducing the quality of ingredients (or inputs more generally) as a cost control method.