noun
deflation
dee-FLAY-shun/ˌdiːˈfleɪʃn/
The loss of air from an inflated object.
The balloon becomes smaller and wrinkled through deflation as air escapes.

Etymology
Deflate originally referred to letting air out of balloons. Deflation carries that image of shrinking something inflated into decreases in prices, volume, or emotional intensity.
In context
we had some years of um what we call deflation where price actually declined
More examples
- The balloon's slow deflation leaves it soft and wrinkled.
- Open the air mattress valve for faster deflation.
- Complete deflation makes the raft easier to fold.
Forms
deflate verb — To lose air or release it.
Similar words
- leakage
- Emphasizes air escaping through a hole or faulty seal.
- venting
- Usually means deliberately releasing air through an opening.