However, economists and the Bank of England believe inflation's upward march has run its course and it will start to unwind over the coming months.
The ONS said that a small fall in petrol prices alongside food prices rising more slowly than past year helped pull down inflation, as numerous early 2017 price increases due to the previous depreciation of the pound have started to work through the system.
"12-month rate was 2.7 per cent in February 2018, down from 3.0 per cent in January 2018", the Office for National Statistics (ONS) said in a statement.
"A further interest rate rise would be justified this spring".
Sterling weakened after the data but held on to most of its 1 percent jump from Monday, when Britain secured a Brexit transition deal from the European Commission, something the BoE is likely to see as adding to the case for a rate hike in May.
The consumer price index including occupiers' housing costs (CPIH) was 2.5 percent in February, compared to 2.7 percent in January.
Petrol prices dropped by 0.2 pence a litre to 120.8 pence a litre on the month, while diesel slipped by 0.1 pence a litre to 124.4 pence.
Falling petrol prices and a slower rise in the cost of food contributed to a drop in United Kingdom consumer price inflation during February.
"A small fall in petrol prices alongside food prices rising more slowly than previous year helped pull down inflation", Phil Gooding, the ONS' head of consumer price inflation said. The recent rise in Sterling has accelerated the trend'.
Meanwhile, annual core inflation rate which excludes cost of food, non-alcoholic beverages, petrol and energy was unchanged at 4.1 percent in February, remaining at its lowest level since December 2011. It expects wages to grow more quickly than inflation.
The fall eases pressure on the Bank of England to raise interest rates.
It increased interest rates in November for the first time in more than a decade.