The article examines how changes in exchange rates affect prices in four Asian countries before and after the 1997 financial crisis. Two methods were used to analyze the data, showing that the impact of exchange rate changes on prices varies across countries and over time. Import prices are most affected, followed by producer prices, and then consumer prices. Import price shocks have a stronger effect on domestic prices than exchange rate shocks. The level of trade openness in a country has a weak connection to how much exchange rate changes affect prices.