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UPDATE 1-Argentine inflation at 1.5 pct in October

(Adds background on monetary policy, greater Buenos Aires figures, expectations for inflation in coming months)

BUENOS AIRES, Nov 14 (Reuters) - Argentina's consumer prices rose 1.5 percent in October, government statistics agency Indec said on Tuesday, bringing 10-month inflation to 19.4 percent.

That marked the second month in a row that cumulative inflation for 2017 was above the upper band of the central bank's target range for inflation between 12 and 17 percent this year. Economists expect inflation of 23 percent this year and 16 percent in 2018.

The struggle to bring inflation in line with its targets has prompted the central bank to hike its policy rate twice in the past month, bringing it to 28.75 percent.

In greater Buenos Aires, which was used as a proxy for national inflation before the government implemented a nationwide index earlier this year, consumer prices rose 1.3 percent in October and 22.9 percent compared with the same month last year.

That marked a deceleration from September, when consumer prices rose 1.9 percent and 2 percent nationwide and in greater Buenos Aires, respectively.

Economists have warned that hikes to regulated prices in November and December as President Mauricio Macri's administration removes economic subsidies will keep inflation elevated for the rest of the year.

While Argentina's economic growth has accelerated in recent months, taming a rate of inflation that has long been one of the world's highest has proven more difficult than the business-friendly government of Macri initially hoped. (Reporting by Luc Cohen; Editing by Chris Reese and Rosalba O'Brien)