Definitions of deflate:

• verb:   become deflated or flaccid, as by losing air

  Example: "The balloons deflated"

• verb:   reduce or cut back the amount or availability of, creating a decline in value or prices

  Example: "Deflate the currency"

• verb:   produce deflation in

  Example: "The new measures deflated the economy"

• verb:   reduce or lessen the size or importance of

  Example: "The bad review of his work deflated his self-confidence"

• verb:   release contained air or gas from

  Example: "Deflate the air mattress"

• verb:   collapse by releasing contained air or gas

  Example: "Deflate a balloon"