1
as in collapsing
to become smaller in size or volume due to loss of contents
We kept her birthday decorations up until the balloons started deflating.
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2
as in emptying
to make smaller in size or volume by removing the contents
Please deflate the air mattress and fold it up before you leave.
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3
as in declining
to make or become lower in amount or value
The excess supply deflated prices. The company's stock has deflated.
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4
as in undermining
to cause to lose force or effectiveness
Her cutting remark deflated his ego. The lawsuit deflated their hopes for a quick resolution.
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Merriam-Webster unabridged
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