The two fundamental operations in multirate signal processing are:

Upsampling and downsampling change the underlying sampling rate by an integer factor. For a rational rate change, we can cascade an upsampler by $$N$$, a lowpass filter and a downsampler by $$M$$; the cutoff of the filter should be $$\pi/K$$ where $$K$$ is the max between $$M$$ and $$N$$. However, when $$M$$ and $$N$$ are large coprime numbers, the theoretical approach may be too onerous; in this case we can use local interpolation techniques to perform these sampling rate changes on the fly at a very low computational cost.