What is the difference between Priority and Severity in Bugzilla?

Aspect Priority Severity
Definition Defines how quickly the bug should be fixed. Defines how serious the impact of the bug is.
Levels P1 (Highest) to P5 (Lowest) Blocker, Critical, Major, Minor, Trivial
Who Sets It? Project Manager, Team Lead Tester or Developer
Example A minor UI issue in a high-profile release = High Priority A crash causing data loss = Critical Severity