In Argentina, the Central Bank raised its benchmark interest rate by 950 basis points yesterday as the country struggles to keep a lid on spiraling inflation that rose to a 20-year high of 71 percent.<br />''<br />''Local media reports that prices rose 7.4 percent in July which was above expectations and pushing annual inflation to a 20-year high of 71 percent. In a statement, the Central Bank of Argentina said that its decision will help reduce inflation expectations for the remainder of the year and consolidate financial and exchange stability.<br />''<br />''On other hand, the Mexican central  Bank also raised the country's benchmark interest rate three-quarters of a percentage point to 8.5 on Thursday.<br />''<br />''Media reports said that its highest level since the bank's current regime was put in place in 2008.<br />''<br />''Mexico's annual inflation climbed last month to 8.15 percent.<br />''<br />''<br />