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Related to deflator: GDP deflator
v. de·flat·ed, de·flat·ing, de·flates
a. To release contained air or gas from.
b. To collapse by releasing contained air or gas.
2. To reduce or lessen the size or importance of: Losing the contest deflated my ego.
a. To reduce the amount or availability of (currency or credit), effecting a decline in prices.
b. To produce deflation in (an economy).
To be or become deflated: The balloon deflated slowly.