Definition of "Deflate" :
verb: become deflated or flaccid, as by losing air
"The balloons deflated."
verb: reduce or cut back the amount or availability of, creating a decline in value or prices
"Deflate the currency."
verb: produce deflation in
"The new measures deflated the economy."
verb: reduce or lessen the size or importance of
"The bad review of his work deflated his self-confidence."
verb: release contained air or gas from
"Deflate the air mattress."
verb: collapse by releasing contained air or gas
"Deflate a balloon."