BUENOS AIRES, OCT. 14 -- Argentine officials today unveiled an austerity plan designed to curb the country's raging inflation and ensure economic stability for the last two years of President Raul Alfonsin's six-year term.

Wages were increased 12 percent, a 90-day wage and price freeze was imposed, utility rates were raised 15 percent and the currency was devalued 11.8 percent.

A new batch of tax measures was also presented to Congress by the government, among them additional levies on rental properties and bank transfers.

The moves came after several months of double-digit monthly inflation, which political analysts here say contributed heavily to the setback of the ruling Radical Party in last month's nationwide parliamentary and gubernatorial elections.

By moving now, Alfonsin hopes to regain some of the political initiative lost in the election.

Party officials said they hope to turn the country's economic situation around in time to win the 1989 presidential race. The constitution bars Alfonsin from a second term.

"We've got 10 months to show we're in charge," said one Alfonsin adviser in an interview. "After that, it's ciao {goodbye}." The financial retuning comes more than two years after Alfonsin announced a sweeping economic reform known as the Austral Plan, which was hailed by international monetary experts and foreign creditors.

A two-day bank holiday had been decreed beginning Tuesday, following the national Columbus Day vacation. The usually bustling downtown financial center was virtually deserted as many wealthy Argentines extended their three-day weekend.

Argentina, with a foreign debt of about $53 billion, is the developing world's third-largest creditor behind Mexico and Brazil, which announced a similar tightening of its austerity program in June.

According to the conservative daily business newspaper Ambito Financiero, the two-year plan "is the most severe which has ever existed in Argentina." Opponents said the combination of the tax increases and utility rate boosts would result in a transfer of about $2.2 billion to the state.

Alfonsin, who was expected to make a nationwide television and radio address tonight, spent most of yesterday meeting with opposition political and labor leaders.

Spokesmen for the opposition Peronist-controlled General Confederation of Labor hinted later that a general strike called for either Friday or next Tuesday may be called off.

Once the undisputed master of Argentina's political stage, Alfonsin was forced by last month's electoral defeat to negotiate with his opponents over the country's political and economic future.

Jose Luis Monzano, head of the Peronist bloc in the Chamber of Deputies, said his party wanted to include in the economic debate the policies on the foreign debt, a program for economic growth and a defense of wage earners.