The annual rate of inflation has fallen to 0.8 per cent, its lowest level since July 1999. Figures released on Wednesday also showed a 0.1 per cent decrease compared to January's rate.
Most economists had forecast an inflation rate of around 1.1 per cent.
The Federal Statistics Office said clothing and heating oil prices were the main factors behind the slowdown.
Winter sales pushed clothing and shoe prices down by 5.2 per cent, while heating oil prices were down more than eight per cent compared with January.
For February, prices for imported goods fell by 1.1 per cent. Prices for domestic goods rose by 0.2 per month on month.
swissinfo with agencies