It's probably not worth the effort.
But if you insist, you will need to do the following to do it correctly:
Trousers:
The waistband probably has no seam in the back and will have to be entirely separated from the rest of the pants, shortened on one end by 2" and stitched back on. While the waistband is off, you will need to rip the outer seams of the legs and take in 1" on each side (1/2" from front and 1/2" from back). Then the seams will need to be refinished (serged). The parts of the hem that had to be separated when you ripped the side seams will need to be rehemmed.
Jacket:
Much tougher. Back seam will need to be ripped and taken in, 1-2". Side seams will need to be taken in 1" each. This will cause the armscye to become slightly smaller, and the sleeve heads will need to be smaller as a result, requiring the sleeve seam to be taken in to compensate. The collar will need to be separated from the front lapels and shortened due to the back seam being taken in. You can only hope it matches up properly again. In order to accomplish any of this, you will need to basically rip the entire lining out of the jacket.