deflatornoun [ C ]
uk/dɪˈfleɪtər/usECONOMICS a figure that is used to change current prices or wages so that they can be compared to past prices or wages, by removing the effect of inflation:
The GDP deflator - the overall inflation measure covering all price changes in the economy and not just at the consumer level - rose 0.4 percent in the third quarter to 128.
The price deflator measures the magnitude of price increases and detects whether higher costs drive consumers away from a product.