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