Definition of: deflate

(di·flāt′) v.t. & v.i. ·flat·ed, ·flat·ing
1. To collapse or cause to collapse by the removal of contained air or gas.
2. To take the conceit, confidence, or self-esteem out of.
3. To devaluate; lessen (currency or prices). [<L deflatus, pp. of deflare <de- down + flare blow]
—de·fla′tor noun