Deflation rhymes with:
conflation, disinflation, hyperinflation, inflation, reflation, stagflation, accumulation, adulation, annihilation, appellation, articulation, assimilation, calculation, cancellation, capitulation, coagulation, compilation, confabulation, conflation, congratulation, consolation, constellation, contemplation, correlation, demodulation, deregulation, desolation, dilation, disinflation, distillation, ejaculation, elation, emulation, escalation, exhalation, extrapolation, fibrillation, formulation, gastrulation, granulation, hyperinflation, inflation, inhalation, innoculation, inoculation, installation, insulation, isolation, jubilation, legislation, manipulation, miscalculation, modulation, mutilation, oscillation, overpopulation, overregulation, ovulation, population, recalculation, reflation, regulation, relation, reregulation, revelation, self-congratulation, simulation, speculation, stagflation, stimulation, stipulation, strangulation, tabulation, titillation, translation, triangulation, tribulation, vacillation, ventilation, violation
Deflation sounds like:
depletion, depopulation, devaluation, devolution