From the Super Mario Wiki
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A Speed Flower is a type of flower found in Super Paper Mario. If the player picks it up, everything will speed up for a short period of time. Within that time, points and coins the player earns are tripled. Mario's Flip Meter will also drain and refill faster. If an item that increases the player's points is used, the points will also be multiplied by six.
The Slow Flower is the opposite of the Speed Flower. If the player grabs a Slow Flower while under the effects of a Speed Flower, the speed reverts to normal.