deflation vs step-down

deflation and step-down both are nouns.

Word	Noun	Adjective	Verb	Adverb
deflation	Yes	No	No	No
step-down	Yes	No	No	No

As nouns, step-down is a hypernym of deflation; that is, step-down is a word with a broader meaning than deflation:

Other hypernyms of deflation include decrease, diminution, reduction.

deflation (noun)	step-down (noun)
the act of letting the air out of something	the act of decreasing or reducing something
a contraction of economic activity resulting in a decline of prices
(geology) the erosion of soil as a consequence of sand and dust and loose rocks being removed by the wind