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Ctrl+Shift +/- (NumPad) to increase/decrease text size

Select a shape or connector or label, and press Ctrl+Shift +/- (NumPad) to increase or decrease the text size.

This only works with the + and - keys on the number pad.
Press Ctrl+Shift +/- Numpad to increase or decrease the text size of a selected shape or connector label

Alternatively, change the font size in the Text tab of the format panel.

Note: This keyboard shortcut will always change the text size of the entire label, even if you have selected only some text inside a label.