The study looked at why changes in exchange rates don't always lead to immediate price changes in the coffee industry. They used data on sales and prices to see how factors like markup adjustment, local costs, and barriers to price adjustment affect this. They found that local costs and markup adjustment play a big role in why prices don't change right away. Local costs reduce long-term price changes by 59%, while markup adjustment reduces them by an additional 33%. Menu costs, which are the costs of changing prices, have a small impact on price changes. The delay in price changes mostly happens at the wholesale level rather than the retail level.