Singaporean economist Tan Kong Yam said the U.S. Federal Reserve's rate hike has put severe pressure on the Singapore dollar and added to inflationary pressures. Amid international concerns, the headline inflation rate in the country hit 5.4 percent in April, the highest in nearly a decade. The expert pointed out that business costs for Singapore's imports have accelerated as global commodity prices have risen sharply and supply chains have been disrupted, and these costs are ultimately passed on to consumers, which will impact investors' confidence in Singapore, the financial center.