de·flate 
(dĭ-flāt)
(dĭ-flāt)v. de·flat·ed, de·flat·ing, de·flates
v.tr.
1.
a. To release contained air or gas from.
b. To collapse by releasing contained air or gas.
2. To reduce or lessen the size or importance of: Losing the contest deflated my ego.
3. Economics
a. To reduce the amount or availability of (currency or credit), effecting a decline in prices.
b. To produce deflation in (an economy).
v.intr.
To be or become deflated: The balloon deflated slowly.
[DE- + (IN)FLATE.]
de·flator n.