The article looks at how exchange rate changes affect inflation in 71 countries from 1980 to 1998. Factors like economic output, initial exchange rate values, inflation rates, and openness of the economy influence how much inflation increases after a depreciation. The study shows that inflation goes up more over time after a depreciation, peaking at 12 months. For developing countries, exchange rate misalignment is the biggest factor, while initial inflation matters more for developed countries. The study predicts higher inflation than what actually happens after big depreciations, so policymakers should be careful when using past models to forecast future inflation after such events.