Playing on PC. probally on consoles the interface is the same.

The only way i managed to see what the item's spell does is by equiping it, leaving the inventory and checking it on the battle's radial menu..

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And when i am creating potions, i have no description at all too of what the potions does.. it only shows the name of it the a useless text not related to it..
To make sure what it does, i have to leave the alchemy menu and search my inventory if any of my characters has the potion to read what it does..