SAO PAULO, July 11 (Xinhua) -- Brazil's financial market lowered the country's inflation forecast for 2022 from 7.96 percent to 7.67 percent, the Central Bank of Brazil said Monday.

According to the central bank's weekly survey of the country's leading financial institutions, a government tax cut on a segment of products led to a decrease in the National Consumer Price Index.

The central bank's inflation target for the year is 3.5 percent with a margin of tolerance of 1.5 percentage points.

For 2023, the financial market expects inflation to reach 5.09 percent, after analysts estimated last week that prices would rise 5.01 percent.

Regarding Brazil's gross domestic product (GDP), economists upgraded their growth forecast for 2022 from 1.51 percent projected a week ago to 1.59 percent, but maintained their forecast for 2023 at 0.5 percent growth.

Analysts expect Brazil's currency to trade at 5.13 reals to the U.S. dollar by the end of the year, in contrast to last week's forecast of 5.09 reals.