deflation

Short definition from Wiktionary

Noun

1. 1
   An act or instance of deflating.
2. 2
   A decrease in the general price level, that is, in the nominal cost of goods and services as well as wages.
3. 3
   An economic contraction.
4. 4
   The removal of soil and other loose material from the ground (or another surface) by wind, leaving it exposed to erosion.