UPDATE 1-Consumer prices in Brazil rise 0.2% in October, just under market forecasts

(Adds more information, analyst comments)

SAO PAULO, Nov 10 (Reuters) - Brazil's consumer prices rose slightly less than expected in October, data from statistics agency IBGE showed on Friday.

Prices were up 0.24% last month, IBGE said, just below market forecasts of 0.29% in a Reuters poll of economists.

Annual prices rose 4.8%, down from an increase of 5.2% in September.

"Underlying pressures were subdued at the beginning of Q4, opening the door to bigger interest rate cuts if sustained over the quarter," Pantheon Macroeconomics' chief Latin America economist Andres Abadia said.

Abadia said the modest month-to-month gain in September —smaller than the 0.6% gain a year ago, and below the average 0.5% gain for the month during the 2010s — was driven by minor price increases in eight of the nine components, in particular transportation and fuel costs as well as food prices.

"The disinflation trend continues in Brazil, and we expect subdued underlying pressure over the next three to six months, thanks to the weakness of the economy, the lagged effect of increased real interest rates and the (Brazilian real's) rebound over the past few quarters," Abadia said.

(Reporting by Steven Grattan and Camila Moreira; Editing by Kylie Madry)