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What does deflation mean?

Looking for the meaning or definition of the word deflation? Here's what it means.

Noun
  1. An act or instance of deflating.
  2. (economics) A decrease in the general price level, that is, in the nominal cost of goods and services as well as wages.
  3. (economics) An economic contraction.
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Examples
The signs portending deflation are all-around for those who have eyes to see.
They moved to reduce debt and their actions contributed to recession and more price deflation.
Much of the electricals, clothing and consumer goods sectors are reporting price deflation.
Wind deflation probably destroyed the original soil that formed on the upper Oliver Platform.
If the lake bed became completely dry, material could have been lost through wind erosion or deflation.
The bull market in bonds in a deflation is completely ignored by mainstream economists.

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