Definition of deflations:
(n) :
(economics) A decrease in the general price level, that is, in the nominal cost of goods and services as well as wages.
(n) :
(economics, euphemistic) An economic contraction.
(n) :
An act or instance of deflating.
(n) :
(geology) The removal of soil and other loose material from the ground (or another surface) by wind, leaving it exposed to erosion.