WASHINGTON—Federal Reserve Chair Jerome Powell on July 15 expressed concerns about inflation, stating that he and his colleagues are thinking about rising prices “night and day.” Powell, however, said during a Senate Banking Committee hearing that the Fed’s easy monetary policy will continue as the jobs market recovery “is still a ways off.” Powell’s testimony came on the heels of hotter than expected June inflation data released this week. The consumer price index (CPI) rose by 0.9 percent last month, standing at a 13 year high. In the 12 months through June, inflation was up by 5.4 percent. Core inflation, which excludes the volatile food and energy components, also rose by 0.88 percent, more than double the consensus estimate. Year-over-year core CPI came in at 4.5 percent, standing at a 29-year high. Producer price inflation (PPI) also accelerated to 1.0 percent in June. This was well above the consensus forecast …