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