Definitions
1.VerbTo remove air or some other gas from within an elastic container, e.g. a balloon or tyre.
2.VerbTo cause an object to decrease or become smaller in some parameter, e.g. to shrink
3.VerbTo reduce the amount of available currency or credit and thus lower prices.
4.VerbTo become deflated.
5.VerbTo let (someone) down, disappoint them, or put them in their place."deflate someone's ego"
6.VerbTo compress (data) according to a particular algorithm.
7.VerbTo belch or flatulate