In this work, we propose an efficient lattice-based construction of identity-based inner product functional encryption (IBIPFE). Our scheme builds upon the recent IBIPFE construction of Edamura et al. (PKC 2025), incorporating the compact approximate preimage sampling technique of Yu et al. (CRYPTO 2023) to achieve short keys and ciphertexts. The construction relies on the RLWE assumption, guarantees a tight security reduction, and achieves adaptive indistinguishability (Adp-IND) in the quantum random oracle model (QROM). To avoid the noise re-randomization, we adopt the multi-hint extended RLWE assumption (Mera et al., PKC 2022), enabling efficient instantiation over ideal lattices. Moreover, by applying the generic transformation of Edamura et al., we upgrade our Adp-IND secure IBIPFE to also ensure adaptive simulation-based (Adp-SIM) security. Due to its compactness and strong security guarantees, our IBIPFE is particularly well-suited for fine-grained access control in cloud-based environments, where efficient enforcement of access policies over encrypted data is essential. Compared to earlier constructions, our design reduces both storage requirements and communication costs, making it a promising candidate for privacy-preserving cloud-based data services.