verb (used with object), deflated, deflating.
to release the air or gas from (something inflated, as a balloon): They deflated the tires slightly to allow the truck to drive under the overpass.
to depress or reduce (a person or a person's ego, hopes, spirits, etc.); puncture; dash: Her rebuff thoroughly deflated me.
to reduce (currency, prices, etc.) from an inflated condition; to affect with deflation.
verb (used without object), deflated, deflating.
to become deflated.

1890–95; < Latin dēflātus blown off, away (past participle of dēflāre), equivalent to dē- de- + fl(āre) to blow + -ātus -ate1

deflator, noun
self-deflated, adjective Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
Cite This Source Link To deflate
World English Dictionary
deflate (dɪˈfleɪt)
1.  to collapse or cause to collapse through the release of gas
2.  (tr) to take away the self-esteem or conceit from
3.  economics to cause deflation of (an economy, the money supply, etc)
[C19: from de- + (in)flate]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

1891, in reference to balloons, coinage based on inflate. L. deflare meant "to blow away," but in the modern word the prefix is taken in the sense of "down." Deflation in reference to currency or economic situations is from 1920.
Online Etymology Dictionary, © 2010 Douglas Harper
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Computing Dictionary

deflate definition

file format, compression
A compression standard derived from LZ77; it is reportedly used in zip, gzip, PKZIP, and png, among others.
Unlike LZW, deflate compression does not use patented compression algorithms.
Used as a verb to mean to compress (not decompress!) a file which has been compressed using deflate compression. The opposite, inflate, means to decompress data which has been deflated.
Deflate is described in RFC 1951.
The Free On-line Dictionary of Computing, © Denis Howe 2010
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Example sentences
But nothing will deflate holiday euphoria faster than a home that's been robbed
  or flooded in the owners' absence.
It's tough to finally get the offer, be excited about it, then deflate as
  reality sets in.
Light as a feather, this tube is easy to fit in your backpack and quick to
  inflate and deflate.
Eh, well, seldom do mans conceits deflate with grace.
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