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What does deflate mean?

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

Verb
  1. (transitive) To remove air or some other gas from within an elastic container, e.g. a balloon or tyre
  2. (transitive) To cause an object to decrease or become smaller in some parameter, e.g. to shrink
  3. (economics) To reduce the amount of available currency or credit and thus lower prices.
  4. (intransitive) To become deflated.
  5. (transitive) To let down or disappoint.
  6. (computing) To compress (data) according to a particular algorithm.
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