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English definition of “deflation”

deflation

noun [U]     /dɪˈfleɪʃən/
ECONOMICS an economic situation in which prices fall and there is a reduction in wages and government spending , and low levels of growth : Global deflation is squeezing profits and extinguishing jobs . He warned that Euroland could sink into deflation unless the central bankers tailored their policies to promote economic growth . In monetary deflation, a contracting money supply causes prices and demand to decline .
a situation in which the value or price of something is reduced : The current deflation of home prices is having a profound effect on American society . The price of cars , computers , and dishwashers have all been falling as global deflation in traded goods gathers pace . asset deflation. → Compare disinflation, inflation, reflation
(Definition of deflation noun from the Cambridge Business English Dictionary © Cambridge University Press)
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