What does the recession mean?

[OntheWaves40]

I don’t understand it. Should I be saving because prices are going to crash down or spending because prices are going to shoot up?

Martin Lewis didn’t help, the website just talks about what to do if your skint etc. But I’m just wondering about those who are lucky enough to still get paid albeit min wage and whether I should be getting ahead with my bills because they are going to rocket or save because they are going to go down.

If you save you won’t get interest because they make interest rates low to incentivise spending to jump start the economy but if you overspend then you’ll have lots of interest to pay. Prices will do both of the things you say, some businesses will be forced to lower prices just to stay afloat, others with less competition ( possibly because a competitor has folded) will up their prices or may have to up them to cover their overheads if lowering the price wouldn’t deliver extra volumes sold. In the end it only really matters if you are making a big purchase. Are you considering making big purchases?