deflation

Concise Oxford English Dictionary © 2008 Oxford University Press:
deflation/diːˈfleɪʃn/

▶noun

• 1 the action or process of deflating or being deflated.

• 2 Economics reduction of the general level of prices in an economy.

• 3 Geology the removal of particles of rock, sand, etc. by the wind.

– derivatives
deflationary adjective,
deflationist noun & adjective.