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					                    TABLE 4.1
                PRICES INDEXES
             Quarterly change in % (1)

 Period    CPI WDPI Com WBDPI             PBPI Const
                     b.PI                        r.CI
    I - 93 2.3   1.0 (2)
                      1.6   n/d              n/d   2.2
   II - 93 3.1   0.4 1.7   1.0              1.3   -0.1
  III - 93 1.2   0.2 0.7   0.1              0.3    3.4
  IV - 93 0.6   -1.5 -0.5 -1.6             -1.3    1.8
    I - 94 0.2  -1.0 -0.4 -0.8             -1.0   -0.8
   II - 94 1.0   2.3 1.7   2.4              2.4   -0.3
  III - 94 1.8   0.4 1.1   0.4              0.3   -0.9
  IV - 94 0.8    1.3 1.0   1.3              1.3    0.7
    I - 95 0.8   1.2 1.0   1.3              0.7    3.5
   II - 95 0.3   3.8 2.0   1.3              1.3    0.0
  III - 95 0.3   0.7 0.5   0.7              1.1   -1.5
  IV - 95 0.2    0.0 0.1   0.0              0.2   -1.2
   I - 96 ###    0.9 0.2   0.8              1.1   -1.0
   II - 96 ###   1.0 0.4   1.2              1.5   -0.1
  III - 96 0.6   0.7 0.7   0.5              0.6   -3.7
  IV - 96 0.1   -0.5 -0.2 -1.9             -2.0   -0.3
    I - 97 0.4  -0.1 0.1  -0.2              0.0    0.2
   II - 97 ### -0.2 -0.2  -0.2             -0.5    0.6
  III - 97 0.3   0.4 0.4   0.4              0.5    0.7
  IV - 97 ### -1.0 -0.6   -1.0             -0.8   -0.4
    I - 98 0.9  -1.2 -0.2 -1.2             -1.7    0.0
   II - 98 0.1  -0.1 0.0  -0.1             -0.3   -0.3
  III - 98 0.3  -2.0 -0.8 -1.3             -1.4   -0.2
Oct-Nov'98 ### -2.0 -1.3  -2.2             -1.9    0.3
(1)Cumulative monthly changes for each quarter.
(2) The combined price index is the simple average of monthly
 changes in the CPI and the WDPI.
Source: INDEC.
                               TABLE 4.2
       QUARTERLY COMPARATIVE INFLATION RATES

                        CONSUMER PRICES
                     Quarterly change rates, in % (1)
    Period   ArgentinaBrazilChileMexico USA GermanyJapanFrance
III Qtr 95      0.3     0.0 0.0      6.1    0.8      0.0    0.0  0.0
IV Qtr 95       0.2     2.4 1.2      7.9    1.1      0.0   -0.5  0.7
I Qtr 96       -0.6     3.1 1.4      8.3    1.0      1.0    0.2  1.2
II Qtr 96      -0.1     2.9 2.3      6.4    0.6      0.5    0.3  0.2
III Qtr 96      0.6     1.8 1.2      4.5    0.7     -0.1   -0.1 -0.5
IV Qtr 96       0.1     1.1 1.5      6.1    0.8      0.0    0.0  0.8
I Qtr 97        0.4     3.4 1.4      5.6    0.5      1.1    0.1  0.6
II Qtr 97      -0.2     2.6 0.9      2.9    0.3      0.7    2.2  0.0
III Qtr 97      0.3    -0.3 1.3      3.0    0.6      0.1    0.1  1.0
IV Qtr 97      -0.2     0.7 1.5      3.9    0.3     -0.1   -0.6 -0.5
I Qtr 98        0.9     0.2 1.2      5.2    0.2      0.4    0.5  0.3
II Qtr 98       0.1     1.4 0.9      2.3    0.5      0.5    0.1  0.4
III Qtr 98      0.3     0.7 1.1      3.6    0.5      0.0   -0.2  0.4
                        WHOLESALE PRICES
                     Quarterly change rates, in % (1)
    Period   ArgentinaBrazilChileMexico USA GermanyJapanFrance
III Qtr 95         0.7 0.0 0.0        5.6 0.0          0.0   0.0  0.0
IV Qtr 95          0.0 0.8 2.6        9.1 0.4          0.3   0.0  0.3
I Qtr 96           0.9 1.7 0.8        8.7 0.5         -1.9   1.7  1.2
II Qtr 96          1.0 2.6 1.4        5.4 1.2          0.1 -0.1  -0.5
III Qtr 96         0.7 1.7 0.6        3.8 0.5         -0.2 -1.6  -0.3
IV Qtr 96         -0.5 1.6 0.4        5.7 0.3          1.5   0.9  2.1
I Qtr 97          -0.1 2.5 -1.1       5.5 -0.7        -0.8   2.4  0.6
II Qtr 97         -0.2 0.9 2.2        2.2 -0.1         1.7   0.2 -2.6
III Qtr 97         0.4 -0.4 -0.8      1.9 0.5          1.1 -1.5   3.4
IV Qtr 97         -1.0 1.9 0.6        2.2 -0.9         0.8   0.5 -0.3
I Qtr 98          -1.2 0.7 0.0        3.7 -1.3        -1.8 -0.3   0.0
II Qtr 98         -0.1 0.0 0.0        2.6 0.1         -1.6 -0.4   0.2
III Qtr 98        -2.0 -0.5 1.1       3.3 -0.7        -1.5 -1.2  -1.2
(1) Cumulative monthly changes for each quarter.
Source: IMF and The Economist.
TABLE 4.3
MAJOR CATEGORIES OF THE CPI: Rates of change , in % (1)

       Category        Weight.(%)        ###   I 97   II 97 III 97 IV 97   ###   I 98   II 98 III 98Oct-Nov'98
Foodstuffs and beverages   40.1          ###   ###    0.1 1.4 -0.7         0.2   0.8    1.1 0.7          -1.6
Clothing                    9.4          ###   ###    0.2 ### -0.3         ###   ###    0.0 ###          -0.3
Housing                     8.5          ###   0.5    ### ### -0.7         ###   1.3    ### ###           0.0
Household equipment         8.6          ###   ###    ### ### -0.1         ###   ###    ### ###          -0.1
Health                      7.2          0.0   0.2    0.5 0.2 0.0          0.9   ###    0.1 ###           0.1
Transp. and communications 11.4          9.2   3.9    0.0 ### -0.1         3.4   4.5    ### ###          -0.1
Leisure                     6.2          0.1   2.7    ### 0.0 2.2          2.0   0.9    ### 2.5          -0.3
Education                   2.7          1.0   0.1    0.2 0.1 0.0          0.4   ###    0.4 0.4           0.0
Various goods and services 5.9           0.6   ###    ### ### -0.5         ###   0.0    0.0 ###           0.0
General level             100.0          0.1   0.4    ### 0.3 -0.2         0.3   0.9    0.1 0.3          -0.6
(1) Cumulative monthly changes for each quarter.
Source: IMF and The Economist.
                                  TABLE 4.4
                 CPI: VARIATION IN GOODS AND SERVICES
               Indexes (April 1991 = 100) and change (in %) (1)

 End of        Goods                 Services                   Relative Prices
 Period                      Private (2)    Public (3) Priv. Serv./Publ.Serv./Publ.Serv./
            Index   Change Index Change Index Change Goods           Goods Priv.Serv.
   1993     #####      5.3 ##### 10.2 #####         7.7    125.86     101.20     80.41
  I - 93    #####      1.7 #####     3.4 #####      1.1    122.18      98.29     80.45
  II - 93   #####      3.2 #####     2.9 #####      2.9    121.87      97.99     80.41
 III - 93   #####      0.2 #####     2.3 #####      2.3    124.38     100.00     80.40
 IV - 93    #####      0.1 #####     1.2 #####      1.3    125.86     101.20     80.41
   1994     #####      1.7 #####     5.7 ##### 11.6        130.76     111.04     84.92
  I - 94    #####     -1.5 #####     2.6 #####      0.1    131.13     102.88     78.46
  II - 94   #####      0.9 #####     0.9 #####      2.3    131.22     104.34     79.52
 III - 94   #####      1.6 #####     1.2 #####      8.1    130.75     111.01     84.90
 IV - 94    #####      0.8 #####     0.8 #####      0.8    130.76     111.03     84.91
   1995     #####      1.5 #####     1.5 #####      3.5    130.74     113.18     86.57
  I - 95    #####      0.2 #####     1.6 #####      0.5    132.54     111.39     84.04
  II - 95   #####      0.5 #####    -0.2 #####      1.7    131.57     112.70     85.66
 III - 95   #####      0.7 #####    -0.1 #####      0.5    130.56     112.55     86.20
 IV - 95    #####      0.1 #####     0.3 #####      1.0    130.74     113.18     86.57
   1996     #####     -0.4 #####    -0.5 #####      7.4    130.63     121.98     93.38
  I - 96    #####     -1.2 #####     0.1 #####      0.3    132.35     114.81     86.75
  II - 96   #####      0.2 #####    -0.6 #####      0.4    131.32     114.93     87.51
 III - 96   #####      1.3 #####    -0.1 #####      0.4    129.51     113.94     87.98
 IV - 96    #####     -0.7 #####     0.1 #####      6.3    130.63     121.98     93.38
   1997     #####     -0.3 #####     0.3 #####      5.1    131.37     128.52     97.83
  I - 97    #####     -0.5 #####     0.5 #####      6.0    131.93     129.95     98.49
  II - 97   #####      0.1 #####    -0.5 ##### -0.1        131.12     129.73     98.94
 III - 97   #####      0.7 #####     0.0 ##### -0.1        130.22     128.79     98.90
 IV - 97    #####     -0.5 #####     0.4 ##### -0.7        131.37     128.53     97.84
  I - 98    #####      0.5 #####     0.2 #####      7.8    130.97     137.96    105.34
  II - 98   #####      0.7 #####    -0.4 ##### -0.9        129.63     135.85    104.80
 III - 98   #####      0.2 #####     0.5 ##### -0.5        130.01     134.84    103.72
 Oct'98     #####     -0.7 #####     0.0 #####      0.0    130.97     135.74    103.64
NOTES:    (1) Cumulative monthly changes for each quarter.
          (2) Private Services comprise all the services in the CPI, except those included in public services.
          The main items are: Lunch consumed outside the home, house rental, domestic service,
          auxiliary and pre-paid medical sevices, doctors and dentists and formal education. They account for
          21.7% of the CPI.
          (3) Public services include electricity, sanitation services, gas and other domestic fuels
          buses and urban trains, taxis, underground, postage and telephones. They account
          for 8.2% of CPI.
Source: INDEC.
                     TABLE 4.5
       SYSTEM OF WHOLESALE PRICE INDEXES
           (BASE 1993=100)
               Rates of Change (%)(1)

    1. WHOLESALE DOMESTIC PRICE INDEX (WDPI)

           General        National products         Imported
            level                                   Products
                     TotalCommod. Manuf.and
                                 Electric power
    I - 95    1.2      1.1  -0.3       1.5            -0.2
   II - 95    3.8      3.8   5.7       3.3            2.7
  III - 95    0.7      0.9   5.1      -0.2            -0.4
  IV - 95     0.0      0.1   0.2       0.1            -2.3
    1995      5.8      6.0  11.0       4.7            4.3
    I - 96    0.9      1.1   5.1       0.2            -1.6
   II - 96    1.0      1.2   4.4       0.3            -1.6
  III - 96    0.7      0.9   4.6      -0.1            -2.3
  IV - 96     -0.5    -0.5  -7.1       1.5            -0.8
    1996      2.1      2.7   6.1       1.9            -6.2
    I - 97    -0.1     0.0  -2.4       0.6            -0.8
   II - 97    -0.2    -0.2   0.2      -0.4            0.3
  III - 97    0.4      0.5   2.9      -0.2            -1.3
  IV - 97     -1.0    -0.9  -2.5      -0.5            -1.6
    1997      -0.9    -0.7  -1.9      -0.4            -3.4
    I - 98    -1.2    -1.2  -5.9       0.0            -0.3
   II - 98    -0.1     0.0  -0.2       0.0            -1.5
  III - 98    -2.0    -2.0  -4.9      -1.2            -2.0
Oct-Nov'98    -2.0    -2.0  -6.1      -1.0            -1.7

2. WHOLESALE BASIC DOMESTIC PRICE INDEX (WBDPI)

           General        National products         Imported
            level                                   Products
                     TotalCommod. Manuf.and
                                 Electric power
    I - 95    1.3      1.2  -0.3       1.5            -0.2
   II - 95    1.3      1.3   3.1       0.8            2.7
  III - 95    0.7      0.9   5.1      -0.2            -0.4
  IV - 95     0.0      0.1   0.2       0.1            -2.3
    1995      3.4      3.5   8.2       2.3            1.7
    I - 96    0.8      1.0   4.8       0.0            -1.7
   II - 96    1.2      1.4   4.4       0.5            -1.2
  III - 96    0.5      0.7   4.6      -0.5            -2.3
  IV - 96     -1.9    -2.0  -7.1      -0.4            -0.8
    1996      0.5      1.0   6.1      -0.4            -5.8
    I - 97    -0.2    -0.1  -2.5       0.5            -0.7
   II - 97    -0.2    -0.3   0.3      -0.4            0.3
  III - 97    0.4      0.5   2.9      -0.2            -1.4
  IV - 97     -1.0    -1.0  -2.5      -0.6            -1.6
    1997      -1.1    -0.9  -1.9      -0.6            -3.4
    I - 98    -1.2    -1.3  -5.9       0.0            -0.3
   II - 98    -0.1     0.0  -0.2       0.0            -1.5
  III - 98    -1.3    -1.2  -2.3      -0.9            -1.9
Oct-Nov'98    -2.2    -2.2  -6.2      -1.1            -1.6

  3.PRODUCER BASIC PRICE INDEX (PBPI)

           General         National products
            level                     Manuf.and
                     TotalCommod.   Electric power
    I - 95    1.3      1.3    -1.7        1.4
   II - 95    3.1      3.1     3.7        0.7
  III - 95    1.3      1.3     6.3       -0.3
  IV - 95     0.2      0.2     0.2        0.1
    1995      3.3      3.3     8.8        1.9
    I - 96    1.1      1.1     5.3        0.0
   II - 96    1.4      1.4     4.4        0.6
  III - 96    0.6      0.6     3.8       -0.4
  IV - 96     -2.0    -2.0    -7.2       -0.4
    1996      1.1      1.1     5.3       -0.1
    I - 97    0.0      0.0    -2.2        0.6
   II - 97    -0.5    -0.5    -0.7       -0.4
  III - 97    0.5      0.5     2.7       -0.1
  IV - 97     -0.8    -0.8    -2.4       -0.3
    1997      -0.9    -0.9    -2.8       -0.3
    I - 98    -1.7    -1.7    -6.7       -0.2
   II - 98    -0.3    -0.3    -0.9       -0.2
  III - 98    -1.4    -1.4    -2.4       -1.1
Oct-Nov'98    -1.9    -1.9    -5.1       -1.1
 (1) Cumulative monthly changes for each quarter.
 Source: INDEC.
                          TABLE 4.6
      CONSTRUCTION COST IN GREATER BUENOS AIRES
       Indexes (1993 = 100)and rates of change, in % (1)

         General Level Materials     Labor   General Expenses
 Period   IndexChangeIndexChangeIndex Change Index Change
   I - 93  98.5  2.2 99.7     0.6 97.3    5.6 98.2       3.1
 II - 93   98.4 -0.1 99.9     0.2 96.6   -0.7 99.7       1.5
 III - 93  #### 3.4 ####      0.3 ####    6.9 ####       1.8
 IV - 93   #### 1.8 ####      0.2 ####    3.3 ####       1.2
   1994    #### -1.3 ####     1.8 ####   -4.3 ####      -0.5
   I - 94  #### -0.8 ####     0.5 ####   -1.7 ####      -2.6
  II - 94  #### -0.3 ####     0.4 ####   -1.2 ####       1.8
 III - 94  #### -0.9 ####     0.4 ####   -2.1 ####      -0.9
 IV - 94   #### 0.7 ####      0.5 ####    0.7 ####       1.3
   1995    #### 0.8 ####      0.8 ####    1.5 99.6      -2.5
   I - 95  #### 3.5 ####      1.0 ####    6.4 ####       3.1
  II - 95  #### 0.0 ####      0.6 ####   -0.5 ####      -1.3
 III - 95  #### -1.5 #### -0.2 ####      -2.4 ####      -3.3
 IV - 95   #### -1.2 #### -0.6 ####      -1.8 99.6      -1.0
   1996    97.8 -5.0 #### -1.3 93.8      -9.5 97.2      -2.4
   I - 96  #### -1.0 #### -0.7 ####      -1.4 99.6       0.0
  II - 96  #### -0.1 ####     0.0 ####   -0.5 99.7       0.1
 III - 96  98.1 -3.7 #### -0.4 94.1      -7.4 99.2      -0.5
 IV - 96   97.8 -0.3 #### -0.2 93.8      -0.3 97.2      -2.0
   1997    98.7  0.9 ####     0.1 95.6    1.9 98.4       1.2
   I - 97  98.0  0.2 ####     0.2 94.2    0.4 97.7       0.5
  II - 97  98.6  0.6 #### -0.3 95.7       1.6 97.5      -0.2
 III - 97  99.3  0.7 ####     0.1 97.1    1.5 97.8       0.3
 IV - 97   98.9 -0.4 ####     0.1 96.1   -1.0 99.0       1.2
   I - 98  98.9  0.0 #### -0.2 96.2       0.1 98.9      -0.1
  II - 98  98.6 -0.3 #### -0.4 96.1      -0.1 98.2      -0.7
 III - 98  98.4 -0.2 ####     0.0 95.7   -0.4 98.2       0.0
Oct-Nov 98 98.7  0.3 #### -0.2 96.5       0.8 98.7       0.5
(1): Accumulation of monthly change for the quarter.
Source: INDEC.
                                                  TABLE 4.7
                         INTERNATIONAL PRICES OF BASIC COMMODITIES
                            Rates of change from previous period, in % (1)
                                   Price basis                   Unit      1994 ### 1996 1997                          1998
                                                                                                  III Qtr IV Qtr I Qtr II Qtr III Qtr
Cereals (*)
Wheat                  USA (fob) Port Gulf of Mexico           U$S/TM       7.1 ### 16.9 #### -12.5 1.4 -6.7 -8.6 ####
Corn                   USA (fob) Port Gulf of Mexico           U$S/TM       5.9 ### 34.1 #### -7.6 6.4 -2.6 -7.9 ####
Rice                   Thailand (fob) Bankok                   U$S/TM      13.5 ### 5.3 #### -7.6 #### 13.5 8.5 0.9

Soybean and Vegetable Products (*)
Soybean seed        USA (cif) Rotterdam                        U$S/TM      -0.8   2.4 17.8 -3.3 -8.2 1.1 -4.9 -7.8 ####
Soybean flour       USA (cif) Rotterdam                        U$S/TM      -7.2   2.1 36.0 3.0 -12.0 3.9 #### #### -8.6
Soybean oil         Holland Port (fob)                         U$S/TM      28.3   1.5 #### 2.4   0.2 16.7 0.3 2.5 -7.3

Beverages (*)
Coffee
                       Arithmetic average of El Salvador,
                       Guatemala, Mexico, New York        U$S cents/LB#### 0.0 #### 54.2 -18.5 #### 3.7 #### ####


Industrial Crops (*)
Cotton                 Liverpool Index (cif)                 U$S cents/LB37.4 ### #### -1.6         1.5   -5.3 -8.6 -5.0 2.7
Wool tops              Australia - New Zealand - U.K.        U$S cents/Kg60.8 5.3 #### 12.8        -2.3   -7.7 #### #### ####
Tobacco                USA. Unprocessed                        U$S/TM -2.0 0.0 15.7 15.5            1.7    0.8 -3.2 -3.0 -2.2
                       .
Sugar (*)              NY - London Average                   U$S cents/LB21.0     9.9 -9.8 -5.0     1.8    3.5 #### #### ####

Metals and ore (*)
Copper                 U.K. European ports (cif)             U$S cents/LB20.4 ### #### -0.8        -9.6 #### #### 1.3 -5.1
Aluminum               U.K. ports (cif)                        U$S/TM 29.5 ### #### 6.1             3.3 -3.6 -7.3 -6.9 -2.9
Iron ore               NE Brazilian ports (fob)                U$S/TM -9.3 5.9 5.9 0.3              0.0 0.0 3.4 0.0 0.0
Nickel                 U.K NW European ports (cif)             U$S/TM 19.3 ### -8.8 -7.7           -8.0 -8.2 #### -8.5 ####

Oil and Gas (*)
Crude (2)
                       Av. price U.K. Brent. Dubai, Alaska    U$S/barrIl   -5.4   8.2 18.6 -5.4     1.1    0.5 #### -6.3 -2.3

                                                                U$S/
Natural Gas            Russian. Germany                        1000 M3     #### ###    2.0 -2.9    -4.8   -5.8    1.6 -4.8 -6.7
Notes:
                       (*) Market prices
                       (1) Rates of change between average prices for the period (annual and quarterly)
                                                           TABLE 4.8
                       PROJECTION OF INTERNATIONAL PRICES OF BASIC COMMODITIES
                                   Average prices expected for the period
Product                              Price basis                   Unit           1998               1999                2000
                                                                              IV Qtr I Qtr   I Qtr   II Qtr III Qtr   (Average)
Cereals (*)
Wheat                    USA (fob) Port Gulf of Mexico           U$S/TM       107.0 115.0 122.0 128.0 135.0                130.0
Corn                     USA (fob) Port Gulf of Mexico           U$S/TM        90.0 98.0 102.0 106.0 110.0                 110.0
Rice                     Thailand (fob) Bankok                   U$S/TM       322.0 330.0 304.0 315.0 323.0                320.0
Soybean and Vegetable Products (*)
Soybean seed       USA (cif) Rotterdam                           U$S/TM       220.0 220.0 224.0 230.0 230.0                240.0
Soybean flour      USA (cif) Rotterdam                           U$S/TM       142.0 148.0 155.0 158.0 159.0                170.0
Soybean oil        Holland Port (fob)                            U$S/TM       602.0 600.0 600.0 595.0 585.0                585.0

Beverages (*)
Coffee
                         Arithmetic average of El Salvador,
                         Guatemala, Mexico, New York        U$S cents/LB 103.0 115.0 115.0 115.0 115.0                     110.0


Industrial Crops (*)
Cotton                   Liverpool Index (cif)                 U$S cents/LB 67.8 68.0 69.0 68.0 67.0                       71.0
Wool tops                Australia - New Zealand - U.K.        U$S cents/Kg 336.0 345.0 355.0 365.0 380.0                 400.0
Tobacco                  USA. Unprocessed                        U$S/TM ##### ##### ##### ##### #####                    3000.0
                         .
Sugar (*)                NY - London Average                   U$S cents/LB     7.5    9.0    9.0      9.0     9.0           9.5

Metals and ore (*)
Copper                   U.K. European ports (cif)             U$S cents/LB 74.0 75.0 76.0 77.0 80.0                       80.0
Aluminum                 U.K. ports (cif)                        U$S/TM ##### ##### ##### ##### #####                    1520.0
Iron ore                 NE Brazilian ports (fob)                U$S/TM     30.0 30.0 30.0 30.0 30.0                       30.3
Nickel                   U.K NW European ports (cif)             U$S/TM ##### ##### ##### ##### #####                    5000.0

Oil and Gas (*)
Crude (2)                Av. price U.K. Brent. Dubai, Alaska    U$S/barrIl     13.1   13.8   14.3    14.8    15.2           15.8


                                                                U$S/ 1000      68.8   78.0   80.0    81.0    81.0           81.0
Natural Gas              Russian. Germany
                                                                   M3
Projections at October 26, 1998
Source: M.E.y O.S.P based on IMF
                                            TABLE 4.9
                   FOREIGN TRADE PRICE AND TERMS OF TRADE INDEXES
                                  Base Year 1993=100

                            (1)
                     Change Change (2)
  Period Export Prices                           Change Change Terms of Trade
                                     Import Prices
                                                        (1)     (2)
                                                                           Change Change (2)
                                                                                   (1)

            Index      (%)      (%)     Index      (%)      (%)     Index     (%)      (%)
   1993     100.0       0.2             100.0      -2.2             100.0      2.5
   1994     102.9       2.9             101.4       1.4             101.5      1.5
   1995     108.8       5.7             106.9       5.4             101.8      0.3
   1996     115.9       6.5             105.6      -1.2             109.8      7.8
  1997*     111.9      -3.5             103.8      -1.7             107.8     -1.8

    1993
   I Qtr.     98.9        -3.3              100.5   -1.8            98.4      -1.6
   II Qtr.    98.2        -0.7              100.5    0.0            97.7      -0.7
   IIIQtr.   102.3         4.2               99.9   -0.6           102.4       4.8
  IV Qtr.    100.7        -1.6               99.4   -0.5           101.3      -1.1
    1994
   I Qtr.     99.1        -1.6     0.2       99.9   0.5    -0.6     99.2      -2.1    0.8
   II Qtr.   102.3         3.2     4.2      100.3   0.4    -0.2    102.0       2.8    4.4
   IIIQtr.   104.4         2.1     2.1      102.2   1.9     2.3    102.2       0.2   -0.2
  IV Qtr.    104.8         0.4     4.1      103.6   1.4     4.2    101.2      -1.0   -0.1
    1995
   I Qtr.    107.0         2.1     8.0      105.4    1.7   5.5     101.5       0.3    2.3
   II Qtr.   109.2         2.1     6.7      107.3    1.8   7.0     101.8       0.3   -0.2
   IIIQtr.   109.5         0.3     4.9      107.7    0.4   5.4     101.7      -0.1   -0.5
  IV Qtr.    107.8        -1.6     2.9      107.4   -0.3   3.7     100.4      -1.3   -0.8
    1996
   I Qtr.    110.5         2.5     3.3      108.9    1.4    3.3    101.5      1.1     0.0
   II Qtr.   119.1         7.8     9.1      106.3   -2.4   -0.9    112.0     10.3    10.0
   IIIQtr.   117.6        -1.3     7.4      104.9   -1.3   -2.6    112.1      0.1    10.2
  IV Qtr.    114.7        -2.5     6.4      103.5   -1.3   -3.6    110.8     -1.2    10.4
    1997
  I Qtr. *   114.0        -0.6      3.2     105.8    2.2   -2.8    107.8      -2.8    6.2
  II Qtr.*   112.8        -1.1     -5.3     104.8   -0.9   -1.4    107.6      -0.1   -3.9
  IIIQtr.*   111.2        -1.4     -5.4     102.4   -2.3   -2.4    108.6       0.9   -3.1
 IV Qtr.*    109.7        -1.3     -4.4     102.8    0.4   -0.7    106.7      -1.7   -3.7
    1998
  I Qtr. *   103.8        -5.4     -8.9     100.8   -1.9   -4.7    103.0      -3.5   -4.4
  II Qtr.*   102.5        -1.3     -9.1      98.5   -2.3   -6.0    104.1       1.1   -3.3
(1)
  Changes on previous period.
(2)
  Change on same period of previous year.
* Preliminary data
Source: INDEC
                                   grafico 4.1


                          GRAPH 4.1
                          QUARTERLY CHANGE OF RETAIL AND WHOLESALE PRICE INDEXES



                            4.0
                            3.5
                            3.0
                            2.5
TRIM    IPC      IPIM       2.0
I 91      51.9     52.5     1.5
II 91     11.9      3.5     1.0
III        5.8      0.4     0.5

IV         2.4     -1.1     0.0




                                               III




                                                                                               III
                                          II




                                                     IV




                                                                                          II
                                   I 94




                                                            I 95




                                                                                   I 96
                                                                        III
                            -0.5




                                                                   II




                                                                              IV
I 92       7.5      2.4
                            -1.0
II         2.8      0.9
                            -1.5
III        4.3      2.2
                            -2.0
IV         2.0     -2.3
                            -2.5
I 93       2.3      1.0
                                     * July - August 1998
II         3.1      1.1
III        1.2      0.3
IV         0.6     -2.3
I 94       0.2     -0.4
II         1.0      2.7
III        1.8      1.3
IV         0.8      2.2
I 95       0.8      1.3
II         0.3      3.1
III        0.3      1.5
IV         0.2      0.0
I 96      -0.6      0.9
II        -0.1      1.0
III        0.6      0.7
IV         0.1     -0.5
I 97       0.4      0.1
II        -0.2     -0.2
III        0.3      0.4
IV        -0.2     -1.0
I 98       0.9     -1.2
II         0.1     -0.1
III        0.3     -2.0
IV*       -0.6     -2.0




                                   Página 10
grafico 4.1




Página 11
                                                               grafico 4.1



WHOLESALE PRICE INDEXES




                                                   CPI

                                                   WDPI
                            III




                                                         IV*
           IV




                       II




                                  IV
                I 97




                                       I 98




                                                   III
                                              II




                                                               Página 12
                                    grafico4.2


  MES     IPIM       IPIBM       IPBP            GRAPH 4.2
Jan-95      103.23      103.73     103.82        SYSTEM OF WHOLESALE PRICE INDEXES (SWPI)
Feb-95      103.64      104.14     104.11        GENERAL LEVEL (1993 =100)
Mar-95      103.02      103.53     103.16
Apr-95      106.48      104.35     103.78         112.00
May-95      106.66      104.54     104.07
Jun-95      106.99      104.92     104.57
 Jul-95     107.36      105.29     105.25         110.00
Aug-95      107.69      105.62     105.59
Sep-95      107.70      105.64     105.66         108.00
Oct-95      107.58      105.52     105.67
Nov-95      107.39      105.34     105.49
Dec-95      107.76      105.71     105.83         106.00
Jan-96      107.97      105.92     106.27
Feb-96      107.86      105.75     106.10         104.00
Mar-96      108.70      106.57     106.96
Apr-96      110.33      108.26     109.06
May-96      110.57      108.51     109.44         102.00
Jun-96      109.74      107.81     108.50
 Jul-96     109.61      107.68     108.28         100.00




                                                           Jan…

                                                                  Apr…




                                                                                  Oct…
Aug-96      109.27      107.35     108.02




                                                                         Jul-95
Sep-96      110.52      108.32     109.17
Oct-96      110.97      107.24     107.97
Nov-96      110.10      106.36     106.95
Dec-96      109.95      106.21     106.94
Jan-97      110.35      106.52     107.30
Feb-97      110.16      106.33     106.98
Mar-97      109.84      106.01     106.90
Apr-97      109.36      105.53     106.32
May-97      110.05      106.22     107.03
Jun-97      109.61      105.78     106.36
 Jul-97     109.13      105.30     105.72
Aug-97      109.88      106.04     106.50
Sep-97      110.02      106.18     106.90
Oct-97      109.89      106.05     106.93
Nov-97      109.66      105.81     106.95
Dec-97      108.94      105.08     106.03
Jan-98      107.56      103.70     104.42
Feb-98      107.94      104.08     104.73
Mar-98      107.66      103.81     104.26
Apr-98      107.75      103.90     104.10
May-98      107.53      103.67     104.05
Jun-98      107.53      103.68     103.92
 Jul-98     107.21      104.20     104.42
Aug-98      106.53      103.54     103.54
Sep-98      105.41      102.37     102.49
Oct-98      104.27      101.17     101.40
Nov-98      103.29      100.16     100.50




                                    Página 13
                                                                            grafico4.2



HOLESALE PRICE INDEXES (SWPI)
EL (1993 =100)




                                                                                   WDPI
                                                                                   WBDPI
                                                                                   PBPI
         Oct…

                Jan…

                       Apr…




                                       Oct…

                                              Jan…

                                                     Apr…




                                                                     Oct…

                                                                            Jan…

                                                                                   Apr…




                                                                                                   Oct…
                              Jul-96




                                                            Jul-97




                                                                                          Jul-98




                                                                            Página 14
                                      grafico4.3


                                           Graph 4.3
                                           FOREIGN TRADE PRICE INDEXES
                                           Base Year 1993 = 100
I-90             98.4         106.2
II-90            92.4         107.7          125.0
III-90           96.3         107.9                                    Export price index
IV-90           101.8         111.2          120.0
TRIM.     IPX           IPM                                            Import price index
I-91             94.8         109.9          115.0
II-91            96.2         105.9
                                             110.0
III-91           96.3         103.4
IV-91            96.4         102.4          105.0
I-92             98.1         101.7
II-92            97.7         101.5          100.0
III-92          100.8         103.7
IV-92           102.3         102.3            95.0
I-93             98.9         100.5
                                               90.0
II-93            98.2         100.5




                                                             III-91




                                                                              III-92




                                                                                              III-93
                                                      I-91




                                                                      I-92




                                                                                       I-93
III-93          102.3          99.9
IV-93           100.7          99.4
I-94             99.1          99.9                   * Estimated
II-94           102.3         100.3
III-94          104.4         102.2
IV-94           104.8         103.6
I-95            107.0         105.4
II-95           109.2         107.3
III-95          109.5         107.7
IV-95           107.8         107.4
I-96            110.5         108.9
II-96           119.1         106.3
III-96          117.6         104.9
IV-96           114.7         103.5
I-97            114.0         105.8
II-97           112.8         104.8
III-97          111.2         102.4
IV-97           109.7         102.8
I-98            103.8         100.8
II-98           102.5          98.5
III-98*         100.1         100.4




                                      Página 15
              I-94

             III-94

              I-95

             III-95

              I-96

             III-96

              I-97

             III-97

              I-98

            III-98*
                      grafico4.3




Página 16
                                                                 grafico4.4


                                     Indice de términos del intercambio
TRIM             1993                               1994           1995                  1996             1997              1998
I                 98.4                               99.2         101.5                 101.5            107.8             103.0
II                97.7                             102.0          101.8                 112.0            107.6             104.1
III             102.4                              102.2          101.7                 112.1            108.6               99.7
IV              101.3                              101.2          100.4                 110.8            106.7
GRAPH 4.4
TERMS OF TRADE INDEX
1993 = 100
 115.0


 110.0


 105.0


 100.0


  95.0




                                                                                                                 III-98*
                                                 I-95




                                                                                                III-97
          I-93


                  III-93


                              I-94


                                        III-94




                                                        III-95


                                                                    I-96


                                                                              III-96


                                                                                       I-97




                                                                                                         I-98
         * Estimated

Período                    Indice
I-93                         98.4
II-93                        97.7
III-93                      102.4
IV-93                       101.3
I-94                         99.2
II-94                       102.0
III-94                      102.2
IV-94                       101.2
I-95                        101.5
II-95                       101.8
III-95                      101.7
IV-95                       100.4
I-96                        101.5
II-96                       112.0
III-96                      112.1
IV-96                       110.8
I-97                        107.8
II-97                       107.6
III-97                      108.6
IV-97                       106.7
I-98                        103.0
II-98                       104.1
III-98*                      99.7




                                                                 Página 17

				
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