The name of the compression algorithm used in standard PNG files, as well as in zip, gzip, pkzip, and other compression programs. Deflate is a member of the LZ77 family of compression methods.

From Portable Network Graphics (PNG) Specification (Second Edition) ( 2003-11-10) name of a particular compression algorithm. This algorithm is used, in compression mode 0, in conforming PNG datastreams . Deflate is a member of the LZ77 family of compression methods. It is defined in [RFC-1951] .

DEFLATE is a lossless data compression algorithm that uses a combination of the LZ77 algorithm and Huffman coding. It was originally defined by Phil Katz for version 2 of his PKZIP archiving tool, and was later specified in RFC 1951.

collapse by releasing contained air or gas; "deflate a balloon"

release contained air or gas from; "deflate the air mattress"

become deflated or flaccid, as by losing air; "The balloons deflated"

To reduce from an inflated condition; used literally and metaphorically; as, to deflate a tire; to deflate expectations.

To deflate the economy means to set out to deliberately reduce the level of economic activity. This is most likely to be necessary because there is an excess level of demand and this is leading to demand-pull inflation. Deflating means using deflationary policies. These could include cutting government expenditure, increasing taxes or raising interest rates.

reduce or lessen the size or importance of; "The bad review of his work deflated his self-confidence"

Is the economic and financial process whereby the monetary and fiscal authorities act to stabilize or reverse an upward trend in general price levels. Monetarists would view this activity as decreasing the money supply.