deflate

verb

• 1 [with object] let air or gas out of (a tire, balloon, or similar object):he deflated one of the tires
• [no object] be emptied of air or gas:the balloon deflated

• 2cause (someone) to suddenly lose confidence or feel less important: (as adjective deflated)the news left him feeling utterly deflated
• reduce the level of (an emotion or feeling):her anger was deflated

• 3 Economics bring about a general reduction of price levels in (an economy).