Definition of deflating:
(v) :
(transitive) To remove air or some other gas from within an elastic container, e.g. a balloon or tyre.
(v) :
(transitive) To cause an object to decrease or become smaller in some parameter, e.g. to shrink
(v) :
(transitive, economics) To reduce the amount of available currency or credit and thus lower prices.
(v) :
(intransitive) To become deflated.
(v) :
(transitive) To let (someone) down, disappoint them, or put them in their place.
(v) :
(transitive, computing) To compress (data) according to a particular algorithm.