When inflation comes around,it doesn't just come alone,it might bring something uninteresting along. Inflation is the steady increase in price of goods and services in the world market thereby making the consumer to be poorer. Yes! It brings a lot negative things along in such a way that you as a consumer of such goods and services will definitely be getting poorer because you are buying at higher prices.
Meanwhile, recession is the process whereby the smooth running of the economy is slowing down and this may result in the slow down of goods and services produced or rendered respectively. Recession usually occurs due to a particular economy condition. When recession is being talked about you are actually talking about Gross Domestic Product (GDP). So when economy is slowing down,it might leads to so many things; inflation of price because of shortage of goods and services produce and render,it might leads to hoarding of goods by the wholesalers which might also begot inflation where people will be selling at higher prices due to scarcity.
Can we have both recession and inflation at the same time in the market economy?
A lot of countries have gone into recession where there is slowing down which has resulted into scarcity of goods and services. So one of the major issues that may bring about recession is unemployment. When there is no creation of job opportunities or lack of man power in a sector,it might leads to slow down of economy growth. So where there is slow down of economy (GDP), it might begot inflation on the little amount of goods and services produced. Normally,it's when there is abundance of goods in the market that price deflation usually occur but when there's scarcity of goods produced,the price of such goods will be inflated. So both recession and inflation and different terms caused by different scenarios but can actually cohabitate.
