1. verb To reduce, limit, decrease, or devalue something, or reset something to a previous level or status. A noun or or pronoun can be used between "roll" and "back." The new administration has been slowly rolling back regulatory legislation. If you roll your prices back, it will be much harder to raise them again without a lot of customer complaints.

2. noun A reduction, limit, decrease, or devaluation of something, or a reset of something to a previous level or status. In this usage, the phrase is usually hyphenated. The roll-back of regulatory legislation has angered many consumer groups. This price roll-back should make our customers happy.