Damn, I wish I remembered the answer to this. I could pull out my old organic notes, but I'm at work and too lazy.
The cause is not a decrease in respiratory rate though. Typically respiratory rate changes to compensate for a change in pH due to some other cause.
In ketoacidosis I can't remember the name of the reaction or the excess, but it is a result from excessive fat/protein hydrolysis, resulting in an increase in X compound - ketone bodies (don't remember which one), that results in a increased concentration of reactants that shifts the equilibrium to the right forming more products, that cause ketoacidosis. My brain must be fried though, because I can't remember the names of the compounds to save my life.
At any rate it's metabolic NOT respiratory.
Oh, I almost forgot. I just had an AAMC passage on this. The decrease in pH of the blood can also lead to gout.
But overall, just think diabetic and all the things that can happen to a diabetic if they don't regulate their insulin levels.