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