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