Inflating rhymes with:
deflating, deflating, elating, plaiting, plating, relating, slating, translating, abating, annotating, awaiting, baiting, berating, crating, creating, dating, debating, deflating, elating, equating, gating, grating, hating, innovating, mating, misstating, negating, overrating, plaiting, plating, postdating, procreating, rating, reinstating, relating, restating, sedating, skating, slating, stating, translating, updating, waiting, weighting
Inflating sounds like:
imploding, inflation's, invalidating