By Howard Schneider WASHINGTON (Reuters) – A deteriorating inflation situation and concern about lost faith in the Federal Reserve’s power to make it better prompted U.S. central bank officials to rally around an outsized interest rate increase and a firm restatement of their intent to get prices under control, minutes of the June 14-15 policy meeting showed. Data released in the days just prior to that meeting showed consumer inflation in May had accelerated to an annualized rate of 8.6%, defying the Fed’s hopes that the pace of price increases had peaked in the spring. “Participants concurre…