The government of President Nicolas Maduro has been making cuts to spending in the bolivar currency since the second half of last year in an effort to stabilize the bolivar-to-dollar exchange rate and reduce inflation.
The February figure takes 12-month inflation to 340.4%, according to Reuters calculations based on central bank data.
Inflation was down from 6.7% in January, and has not been this low since February 2014.
Despite slowing inflation, many families in the South American country struggle to make ends meet.
Maduro on Thursday announced a jump in the monthly minimum wage to the equivalent of $29, from $1.60 previously.
Communications was the sector with the highest increase in February, at 23.1%, while education increased 17.5% compared to January.
The government's loosening of economic controls since 2019 has allowed foreign currency to circulate more freely and provided a measure of relief for some industries.