You can use PHP's output buffering features to gzip every page before sending it to the browser, providing that the browser can handle the gzip content type (and most can).
http://us3.php.net/pt_BR/ob-gzhandler
However, you should be sure that this is a problem with data transmission and not the MySQL database.
Are your customers on dial-up lines? Most people on broadband connections would not likely notice any difference between gzipped and uncompressed data on a web page.
But because you say that load times increase as the inventory becomes larger, I suspect your problem is with a slow SQL query. I suggest you analyze the queries you use to generate the page by measuring the execution time of the mysql_query() function. Then take note of which queries take the longest.
Once you have identified a problem query, you should use the SQL EXPLAIN command to analyze the specific query further. Read Chapter 5 ('MySQL Optimisation') of the MySQL manual for more information.
Do you have any indeces on your database tables? Do you know if they are being used? Do you need more?