deflation

An act or instance of deflating.

The loss caused utter deflation and disappointment among the fans.

A decrease in the general price level, that is, in the nominal cost of goods and services as well as wages.

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.

It also must be acknowledged that Britain's problems won't be solved by an abrupt deflation of the economy.

The removal of soil and other loose material from the ground (or another surface) by wind, leaving it exposed to erosion.