01 n. the act or process of deflating.
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1.
the act or process of deflating.
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2.
a fall in the average prices of goods and services; -- usually associated with contraction of economic activity. Opposite of inflation. Compare disinflation.
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3.
the reduction of available credit or a contraction of economic activity resulting from or associated with a decline of prices.
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4.
the act of letting the air out of something.
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5.
the erosion of land structures such as sand or soil due to the action of wind.(Geol.)