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Definition of deflate verb from the Oxford Advanced American Dictionary

deflate

verb
 
1
/dɪˈfleɪt; ˌdiˈfleɪt/ deflate pronunciation American
[transitive, intransitive] deflate (something) to let air or gas out of a tire, balloon, etc.; to become smaller because of air or gas coming out
2
/dɪˈfleɪt/ deflate pronunciation American
[transitive, often passive] deflate someone/something to make someone feel less confident; to make someone or something feel or seem less importantAll the criticism had left her feeling totally deflated.
3 [transitive] deflate something (economics) to reduce the amount of money being used in a country so that prices fall or stay steady compare inflate, reflate