1.The act or process of deflating.
2.A fall in the average prices of goods and services; usually associated with contraction of economic activity. Opposite of inflation. Compare disinflation.
3.The reduction of available credit or a contraction of economic activity resulting from or associated with a decline of prices.
4.The act of letting the air out of something.
5.(Geol.) The erosion of land structures such as sand or soil due to the action of wind.
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