deflation

 
Pronunciation: /dɪˈfleɪʃ(ə)n/

noun

[mass noun]
  • 1the action or process of deflating or being deflated: the deflation of the illusion that the 1960s were a perpetual party
  • 2 Economics reduction of the general level of prices in an economy: a time of high unemployment and deflation [count noun]: a long deflation lasted until about 1896
  • 3 Geology the removal of particles of rock, sand, etc. by the wind.

Derivatives

deflationist

noun & adjective

Origin:

late 19th century (in the sense 'release of air from something inflated'): from deflate; deflation (sense 3) via German from Latin deflat- 'blown away', from the verb deflare