Deflating rhymes with:
inflating, elating, inflating, plaiting, plating, relating, slating, translating, abating, annotating, awaiting, baiting, berating, crating, creating, dating, debating, elating, equating, gating, grating, hating, inflating, innovating, mating, misstating, negating, overrating, plaiting, plating, postdating, procreating, rating, reinstating, relating, restating, sedating, skating, slating, stating, translating, updating, waiting, weighting
Deflating sounds like:
debilitating, defaulting, depleting, devaluations, doublethink