There is a basic difference between "light" and the photon energy given by $E=hf$ where $f$ is the frequency of the classical electromagnetic wave emergent from a multitude of such photons.
Should not both λ and f proportionally decrease to match the slower f speed?
The way the photons, which always move with velocity c, build up the classical electromagnetic wave is not additive. It has been modeled with quantum field theory and can be described only qualitatively in such an answer.
This single photon at a time double slit experiment can give an intuition of how individual photons with their individual paths build up a classical electromagnetic wave (em) interference pattern.

- Single-photon camera recording of photons from a double slit illuminated by very weak laser light. Left to right: single frame, superposition of 200, 1’000, and 500’000 frames.
The photons have individual paths with different lengths, which is what happens in a transparent medium too. Their speed will seem slower because of the angular dispersion of the coherent photons inside the beam, they follow longer paths.
Why f does not change what is the physical explanation?
The individual photon's energy given by the equation does not change , thus it will keep contributing to a classical em wave of frequency $f$
there will be apart of reflection also some absorption, how light absorption, lost energy, is then justified by the equation $E=hf$
if $f$ remains unchanged?
The equation is for individual photons, not for the classical em wave. Some individual photons will be lost from the beam, that is all.