deflation

英[dɪ'fleɪʃ(ə)n] 美[dɪ'fleʃən]

1. (geology) the erosion of soil as a consequence of sand and dust and loose rocks being removed by the wind;

"a constant deflation of the desert landscape"

2. a contraction of economic activity resulting in a decline of prices

3. the act of letting the air out of something