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Synonyms
de·flate (dĭ-flāt́)

[de–, + (in)flate.]

verb: -flat·ed, -flat·ing, -flates. 

transitive verb 

    1. To release contained air or gas from.
    2. To collapse by releasing contained air or gas.
  2. To reduce or lessen the size or importance of: Losing the contest deflated my ego.
  3. Economics
    1. To reduce the amount or availability of (currency or credit), effecting a decline in prices.
    2. To produce deflation in (an economy).

intransitive verb 

To be or become deflated: The balloon deflated slowly.

derivatives

de·flátor
noun