The Collaborative International Dictionary of English v.0.48:

disinflation \disinflation\ n.
   1. a reduction in the rate of price increases; a lessening of
      inflationary pressure.
      [PJC]

   2. a reduction of the value of a currency in international
      exchange markets caused by a government; -- usually done
      as a means to improve the country's international balance
      of payments.
      [PJC]

WordNet (r) 3.0 (2006):

disinflation
    n 1: a reduction of prices intended to improve the balance of
         payments [ant: deflation, inflation, rising prices]