The price of food and gas has come up in most conversations I’ve had in the past week, so I’m inclined to think that we’re in a recession. An interview with Warren Buffett from CNBC states the same.

According to Warren Buffett, “This will not be short and shallow. I think consumers are feeling gas and food prices,” he added, “and not feeling they’ve got a lot of money for other things.”

Brace yourself because it’s going to be a while before we recover. Start budgeting and saving if you aren’t doing so already.