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The phrase "to depress" is correct and commonly used in written English.
It is often used as a verb meaning to make someone feel sad or discouraged, or to push something down or lower its level. Example: The news of the company's financial losses is likely to depress its stock prices. Another possible meaning of "depress" is to press or push down physically, such as when using a button or lever. Example: You need to depress the gas pedal gently to accelerate smoothly.
Dictionary
to depress
verb
To press down.
Exact(60)
Health costs seem to depress hiring, too.
I'd hate to depress you".
Economic trauma tends to depress births.
This austere simplicity began to depress me.
Surpluses continue to depress world prices.
I didn't come here to depress you.
That tends to depress wages and incomes.
There is no clutch pedal to depress.
Because his deeper cuts are likely to depress growth again.
Ukip may also help to depress the Conservatives' tally.
Binny had never allowed her circumstances to depress her.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com