I want to know whether it is possible to show in $ZFC$ that there exist a limit ordinal $\lambda$, a strictly increasing sequence of cardinal numbers $\langle \mu_\alpha : \alpha \in \lambda\rangle$ and a cofinal subset $A \subseteq\lambda$, such that $$\prod_{\alpha\in A} \mu_\alpha < \prod_{\alpha\in \lambda} \mu_\alpha.$$
It is easy to show that $\lambda$ cannot be regular. It is also not so hard to find examples using some extra assumptions on the cardinal arithmetic.
This is not provable in ZFC, and in fact it is disproved by GCH.
Assuming GCH, we have, for $\kappa$ singular, that $\kappa^{cf(\kappa)}=2^\kappa=\kappa^+=\kappa^\kappa$ (this last equality because $\kappa^+= 2^\kappa\le\kappa^\kappa\le (2^\kappa)^\kappa=2^\kappa=\kappa^+$). But this forces both products in the question to equal $\kappa^+$ (where $\kappa=\sup\mu_\alpha$).
EDIT: To clarify why the (a priori smaller) left hand side must be $\kappa^+$: clearly it's enough to show that it's $>\kappa$, since it's at most $\kappa^{cf(\kappa)}=\kappa^+$. Fix a cofinal sequence $\mu_\alpha$. Given any set $A\subseteq \kappa$, let $A_\alpha=A\cap \mu_\alpha$. Then any set $A$ is determined by the sequence $(A_\alpha: \alpha<cf(\kappa))$. This is an element of $$\prod_{\alpha<cf(\kappa)}2^{(\mu_\alpha)}=\prod_{\alpha<cf(\kappa)}\mu_\alpha^+,$$ so the set of all such sequences has size at least $2^\kappa$.