v. 1 a tr. let air or gas out of (a tyre, balloon, etc.). b intr. be emptied of air or gas. 2 a tr. cause to lose confidence or conceit. b intr. lose confidence. 3 Econ. a tr. subject (a currency or economy) to deflation. b intr. pursue a policy of deflation. 4 tr. reduce the importance of, depreciate. deflator n.
[ DE- + INFLATE ]