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Inflation was 3.4% in February, down from 4% in January and closer to the central bank's 2% target.
This decline means the cost of living is rising at the slowest pace since September 2021, when it was 3.1%.
Inflation, the rate at which prices rise over time, has been gradually declining since reaching a 40-year high of 11.1% in October 2022.
The Office for National Statistics (ONS) said food price inflation was the main cause of the decline.
But prices haven't come down yet, they're just rising at a slower pace than before.
Most economists expected the decline and said it would further increase expectations that the Bank of England would cut interest rates later this year.
The figure was announced ahead of the latest interest rate decision on Thursday, which is expected to keep rates at 5.25%.
The government will welcome the fall in inflation, but it comes after official figures last month confirmed that Britain slipped into recession at the end of last year.
ONS chief economist Grant Pfitzner said one reason last month's numbers were much lower than expected was that food price inflation had fallen “significantly” from 6.9% to 5%. Ta.
“This is the 11th consecutive month of decline…In fact, there has been no significant change in food prices for the past nine months, they have remained almost flat,” he said.
“These declines were only partially offset by higher pump prices and further increases in rental costs.
“However, the overall trend continues to decline,” Pfitzner said.
The ONS did not factor in the fall in energy prices in its calculations, but the economist said the Bank of England and Office for Budget Responsibility expected inflation to fall further.
