This is the lowest level since 2009 and the falling price of motor fuels was a large contributor as petrol fell by 0.8p per litre between January and February this year compared with a rise of 4p per litre between the same two months a year ago. Diesel prices also fell by 0.8p per litre this year and 3.7p per litre a year ago.

Gas and electricity, clothing and air transport also contributed to the overall fall with price rises that were smaller than those a year ago.

The ONS said the Consumer Price Index revealed a basket of shopping that cost £100.00 in February 2013 would have cost £101.70 in February 2014.

Inflation fell to 2% in December, the Bank of England’s long term goal and rounding off a near 1% fall since the summer, official data has shown.

Christian Schulz, senior economist, at Berenberg Bank said: “Inflation should stay weak this year as higher sterling bears down on import costs, but economic slack is being eroded fast.

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He warned: “Unemployment is falling, vacancies are rising and firms report high and rising recruitment difficulties. That should push inflation back up to, and possible a touch above the 2% inflation target by the end of 2015.

“But the lack of headline inflationary pressures gives the BoE a bit of room to delay a first hike until next year. We expect the first 25bp rate hike in Q1 next year followed by three more 25bp increases during 2015. In our view, there is a 30% chance of the first rate hike coming in Q4 2014.”