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Meaning of deflation

de•fla•tion

Pronunciation: (di-flā'shun), [key]
— n.
  1. the act of deflating or the state of being deflated.
  2. a fall in the general price level or a contraction of credit and available money (opposed to inflation). Cf. disinflation.
  3. the erosion of sand, soil, etc., by the action of the wind.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
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