What is deflation?
Inflation is when prices rise over time, reducing how far your money will go and creating financial burdens for people who were on the cusp to begin with. So, deflation, then, is when prices drop over time, making money go further -- at least initially.
Over time, deflation creates more problems than it solves, as it can also lead to consumers hoarding money, create deflationary spirals, or even bring about an out-and-out recession. Neither of these things is good in the long term since everything will drop, including wages, and often at uneven rates.