Etymology
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deflate (v.)

1891, in reference to balloons, a coinage (with de-) based on inflate (q.v.). Latin deflare meant "to blow away," but in the English word the prefix has the sense of "down." Related: Deflated; deflating.

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Definitions of deflate

deflate (v.)
collapse by releasing contained air or gas;
deflate a balloon
deflate (v.)
release contained air or gas from;
deflate the air mattress
deflate (v.)
reduce or lessen the size or importance of;
The bad review of his work deflated his self-confidence
Synonyms: puncture
deflate (v.)
produce deflation in;
The new measures deflated the economy
deflate (v.)
reduce or cut back the amount or availability of, creating a decline in value or prices;
deflate the currency
deflate (v.)
become deflated or flaccid, as by losing air;
The balloons deflated
From wordnet.princeton.edu