Federal Reserve Chair Jerome Powell testifies during a U.S. House Oversight and Reform Select Subcommittee hearing on coronavirus crisis, on Capitol Hill in Washington, June 22, 2021. Graeme Jennings/Pool via REUTERS
WASHINGTON, July 13 - Federal Reserve Chair Jerome Powell will find it increasingly difficult to disregard the current spike in inflation. Consumer prices rose 5.4% from a year earlier in June, the biggest annual increase in 13 years, theon Tuesday. True, there were particularly pronounced jumps in the price of certain items, like used cars: A 10.5% rise in secondhand vehicle prices from May made up about one-third of the overall monthly bump.
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