1. The act of letting the air out of something
   "The deflation of the balloon disappointed the children"
    
2. A contraction of economic activity resulting in a decline of prices
   "The country's economy suffered from prolonged deflation"
    
3. (geology) the erosion of soil as a consequence of sand and dust and loose rocks being removed by the wind
   "a constant deflation of the desert landscape"

Derived forms: deflations

Type of: decrease, degradation, diminution, eating away, economic process, eroding, erosion, reduction, step-down, wearing, wearing away

Antonym: disinflation, inflation

Encyclopedia: Deflation