deflate

[dih-fleyt]
verb (used with object), deflated, deflating.
1.
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.
2.
to depress or reduce (a person or a person's ego, hopes, spirits, etc.); puncture; dash: Her rebuff thoroughly deflated me.
3.
to reduce (currency, prices, etc.) from an inflated condition; to affect with deflation.
verb (used without object), deflated, deflating.
4.
to become deflated.

Origin:
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
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
deflate (dɪˈfleɪt)
 
vb
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]
 
de'flator
 
n

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Etymonline
Word Origin & History

deflate
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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Example sentences
It's a flaccid buzzword these days, deflated by a decade of leadership seminars
  and management bibles.
With special tires deflated to provide extra traction, they conquer dunes up to
  a hundred feet high.
When the cuff is deflated, blood rushes to the fingertips.
It is far harder to find an example of a bubble successfully deflated.
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