Potentially distracting or otherwise-inappropriate stimuli, thoughts, or actions often must be inhibited to prevent interference with goal-directed behaviour. Growing evidence suggests that the impact of inhibition is not limited to reduced neurocognitive processing, but also includes negative affective consequences for any associated stimuli. The link between inhibition and aversive response has primarily been studied using tasks involving attentional- or response-related inhibition of external sensory stimuli. Here we show that affective devaluation also occurs when inhibition is applied to fully-encoded stimulus representations in memory. We first replicated prior findings of increased forgetting of words whose memories were suppressed in a Think/No-think procedure (Experiment 1). Incorporating a stimulus-evaluation task within this procedure revealed that suppressing memories of words (Experiment 2) and visual objects (Experiment 3) also results in their affective devaluation. Given the critical role of memory for guiding thoughts and actions, these results suggest that the affective consequences of inhibition may occur across a far broader range of situations than previously understood.