noun (n)

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

  Example:
  A constant deflation of the desert landscape.
  

  source: wordnet30
• a contraction of economic activity resulting in a decline of prices(noun.process)

  Antonym:
  inflation, rising prices
  

  source: wordnet30
• the act of letting the air out of something(noun.act)

  Antonym:
  inflation
  

  source: wordnet30