deflation

plural deflations

1. countableuncountableAn act or instance of deflating.

   The loss caused utter deflation and disappointment among the fans.

   Antonyms: inflation

2. countableuncountableeconomicsA decrease in the general price level, that is, in the nominal cost of goods and services as well as wages.

   Antonyms: inflation

3. countableeuphemisticuncountableeconomicsAn economic contraction.

   It also must be acknowledged that Britain's problems won't be solved by an abrupt deflation of the economy.

   1976 October 11, “Unions Hold Key To British Stability”, in Milwaukee Sentinel

   2 more examples

   Beyond that, there is the hope that deflation of the US economy which the administration has in mind will, overtime; stem the import flood.

   1969 March 13, “Stans to seek foreign trade”, in Christian Science Monitor

   The great deflation of the northern economy occurred with the rupturing of the Mackenzie Valley pipe dream.

   1978 June 3, “Valley Pipe Dream Wrecked Economy”, in Calgary Herald

4. countableuncountablegeographyThe removal of soil and other loose material from the ground (or another surface) by wind, leaving it exposed to erosion.