Definitions of deflation:
  • noun:   the act of letting the air out of something
  • noun:   a contraction of economic activity resulting in a decline of prices
  • noun:   (geology) the erosion of soil as a consequence of sand and dust and loose rocks being removed by the wind
    Example: "A constant deflation of the desert landscape"

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See deflation used in context: 8 rhymes, several books and articles.

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