The Consumer Prices Index, which measures changes in the prices of the goods and services bought by households, was unchanged in the year to February 2015, down from 0.3% in the year to January.
Last month had been the record low, with inflation having fallen to 0.3% during January.
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The core inflation rate – the rate of inflation excluding goods with volatile price movements, notably energy, food, alcohol and tobacco – was 1.2% in February.
The ONS report stated: "As in most recent months, this indicates that most of the downward pull on inflation has come from price movements for goods excluded from the core calculation, notably motor fuel and food."
Sylvia Waycot, Editor at Moneyfacts.co.uk, said: "The fall in inflation is good news for savers. They will find that the savings interest they are paid will now have more spending power, so they will feel as though it is going further.
"The announcement that savers will not have to pay tax on the first £1,000 of savings interest earned each year is also welcome news.
"To many savers this new tax freedom is merely righting a wrong that should not have happened in the first place."