Etymology
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deflation (n.)

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

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Definitions of deflation

deflation (n.)
(geology) the erosion of soil as a consequence of sand and dust and loose rocks being removed by the wind;
a constant deflation of the desert landscape
deflation (n.)
a contraction of economic activity resulting in a decline of prices;
deflation (n.)
the act of letting the air out of something;
From wordnet.princeton.edu