deflate

/dɪˈfleɪt/
verb
  1. To let air or gas out of something that is filled, causing it to become smaller or less full.
    • He used a pump to deflate the air mattress before packing it away.
    • The mechanic had to deflate the tire to repair the puncture.
    • Please deflate the balloons after the party so they don't take up space.
  2. To make someone feel less confident, proud, or important; to reduce someone's ego.
    • The teacher's sarcastic comment deflated the student's excitement about his answer.
    • Her harsh criticism completely deflated his enthusiasm for the project.
    • Losing the game seemed to deflate the team's spirit for the rest of the season.
  3. To reduce the amount of money available in an economy, causing prices to fall or economic activity to slow down.
    • If you deflate the currency too quickly, it can lead to a recession.
    • The central bank decided to deflate the economy by raising interest rates.
    • Governments sometimes try to deflate a bubble in housing prices.
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