Literal meaning (to make something bigger by filling it with air):
* The children were excited to inflate their new pool floats.
* He used a pump to inflate the tires on his bicycle.
* We inflated the balloon animals for the party.
Figurative meaning (to increase something excessively):
* The company's profits inflated after they launched their new product.
* The politician's ego was inflated by his recent victory.
* The cost of living has inflated dramatically in recent years.
Other examples:
* The hot air balloon inflated slowly, lifting gently into the sky.
* The doctor inflated the balloon to check the patient's lungs.
* The news report inflated the severity of the situation.
The specific meaning of "inflate" will depend on the context of the sentence.