The most common and most likely answer to this crossword clue is the 8 letter word PUNCTURE
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Buddy explains!

The straight part
We know that "cause of deflation" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case cause of deflation = puncture.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does PUNCTURE mean?
PUNCTURE noun- The act or an instance of puncturing.
- A hole, cut, or tear created by a sharp object.
- (specifically) A hole in a vehicle's tyre, causing the tyre to deflate.
- To pierce; to break through; to tear a hole.