deflation

noun4

1. •
   An act or instance of deflating.

   • The loss caused utter deflation and disappointment among the fans.
2. •
   A decrease in the general price level, that is, in the nominal cost of goods and services as well as wages.
3. •
   (euphemistic) An economic contraction.

   • Beyond that, there is the hope that deflation of the US economy which the administration has in mind will, overtime; stem the import flood. — 1969
4. •
   The removal of soil and other loose material from the ground (or another surface) by wind, leaving it exposed to erosion.