Webster's English Dictionary

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deflate

Cross references:
  1. contract              
 
de.flate \di-'fla-t, 'de--\ \-'fla-t-*r\ vb [de- + -flate (as in inflate)] 
   1: to release air or gas from  2: to reduce in size or importance  3: to 
   reduce (a price level) or cause (a volume of credit) to contract  : 
   COLLAPSE  - de.fla.tor n