to release air or gas from (e.g. a balloon or a tyre)
to cause deflation in (an economy or price levels)
to reduce (something) in size or importance
to reduce (somebody) in self-confidence or self-importance, esp suddenly
to reduce (a price level) or cause (the economy or the availability of credit) to contract
to lose firmness through or as if through the escape of contained gas
deflator noun
[de- + -flate as in inflate]