Etymology
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Words related to deflate

de- 

active word-forming element in English and in many verbs inherited from French and Latin, from Latin de "down, down from, from, off; concerning" (see de), also used as a prefix in Latin, usually meaning "down, off, away, from among, down from," but also "down to the bottom, totally" hence "completely" (intensive or completive), which is its sense in many English words.

As a Latin prefix it also had the function of undoing or reversing a verb's action, and hence it came to be used as a pure privative — "not, do the opposite of, undo" — which is its primary function as a living prefix in English, as in defrost (1895), defuse (1943), de-escalate (1964), etc. In some cases, a reduced form of dis-.

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inflate (v.)
early 15c., "cause to swell," from Latin inflatus (source also of Italian enfiare, Spanish inflar, French enfler), past participle of inflare "blow into, puff up," figuratively "inspire, encourage," from in- "into" (from PIE root *en "in") + flare "to blow" (from PIE root *bhle- "to blow"). Economics sense (of prices, currency, etc.) is from 1843. In some senses a back-formation from inflation. Related: Inflated; inflating.
*bhle- 
bhlē-, Proto-Indo-European root meaning "to blow," possibly a variant of PIE root *bhel- (2) "to blow, swell."

It forms all or part of: afflatus; bladder; blase; blast; blather; blaze (v.2) "make public;" blow (v.1) "move air;" conflate; deflate; flageolet; flatulent; flatus; flavor; inflate; inflation; insufflation; isinglass; souffle.
deflation (n.)

1891, "release of air," noun of action from deflate (q.v.). In reference to currency or economic situations, from 1916. Related: Deflationary.