Brazil's inflation rate slowed unexpectedly sharply last month, falling to its lowest for February since 2000, official figures showed Friday.

The 0.33 percent rise in prices compared to 0.38 percent in January and 0.9 percent in February a year ago, the Brazilian IBGE statistics agency said.

The surprisingly strong dip -- the average forecast from Valor financial daily's panel of analysts had been for a 0.44 percent price rise -- made more rapid interest rate cuts all the more likely.

On an annual basis -- 12 months through this February -- inflation hit 4.76 percent, the agency said. Market analysts expect the year to end with 4.36 percent inflation, while the government target is 4.5 percent.

In 2015, Brazil finished the year with 10.67 percent and 2016 ended with 6.29 percent inflation.