To remove air or some other gas from within an elastic container, e.g. a balloon or tyre
To let down or disappoint.
To belch or flatulate
To reduce the amount of available currency or credit and thus lower prices.
To become deflated.
To cause an object to decrease or become smaller in some parameter, e.g. to shrink
To compress (data) according to a particular algorithm.
To immobilize (a vehicle) with a wheel clamp.