1. Release contained air or gas from
   "deflate the air mattress"
    
2. Collapse by releasing contained air or gas
   "deflate a balloon"
    
3. Become deflated or flaccid, as by losing air
   "The balloons deflated"
    
4. Reduce or lessen the size or importance of
   "The bad review of his work deflated his self-confidence";
   - puncture
    
5. Reduce or cut back the amount or availability of, creating a decline in value or prices
   "deflate the currency"
    
6. Produce deflation in
   "The new measures deflated the economy"

Derived forms: deflated, deflates, deflating

Type of: alter, bring down, change, collapse, come down, cut, cut back, cut down, decrease, dent, deprecate, depreciate, diminish, fall, go down, lessen, modify, reduce, release, sink, trim, trim back, trim down, turn, vilipend [archaic]

Antonym: blow up, inflate

Encyclopedia: Deflate