Synonyms for Deflate:

n.

disabuse, confound, disprove, repudiate, dispute, refute. shoot down, explode, Capping, bounce back, bargain, beat down, discredit, climb, shoot full of holes, appraise, knock the bottom out of, debunk, bottom out, cap, value. disillusion, dash someone's hopes, demoralize, cast a shadow over something, let down, wear down, disappoint, throw/pour cold water on something, get down. turn out, tip-up, clear, unpack, tip. collapse (noun)
study at contract, humble, discourage, let the air out, empty.
deflate (noun)
puncture.

v.

cheapen (verb)
cut, debase, depreciate, belittle, mark down, slash, discount, devalue, degrade, cheapen, devaluate.
communication (verb)
puncture.
contract (verb)
condense, wither, squeeze.
decrease (verb)
concentrate, decrease, truncate, abbreviate, diminish, deduct, lessen, contract, shrink, die down, lower, erode, drain, decrement, abate, deplete, curtail, recede, compress, shorten, compact, subside, abridge, dwindle.
diminish (verb)
trim, lighten, nip, pare, bob, cull, taper, downgrade, shave, shear, prune, weed, minimize, reduce, clip, crop.
flatten (verb)
flatten, grade, plane, level, smooth, squish, even.
humiliate (verb)
debunk, shoot down, humble.
reduce or cause to contract (verb)
decrease, diminish, puncture, shrink, depreciate, empty, devalue, flatten.

Other synonyms:

disabuse, confound, disprove, repudiate, dispute, refute. tip-up. discredit, unpack. empty. explode, turn out. tip. clear. contract
recede.
expose
debunk.
flatten
beat down.
lower
lower.