Some age groups have recorded drops as high as 98% or 99%, as the combined impact of the lockdown and the vaccine rollout continues to drive down the number of infections and hospital admissions.
A total of 266 deaths occurred in the week ending April 9 where Covid-19 was recorded on the death certificate, according to the Office for National Statistics (ONS).
This is down 97% from 8,965 deaths in the week to January 22, the peak of the second wave, when more than a thousand deaths were taking place each day.
Analysis of the ONS data by the PA news agency shows the age groups 75-79, 80-84 and 85-89 also recorded drops of 97%, while for people aged 65-69 the fall was 96% and for those aged 60-64 it was 95%.
For people aged 90 and over the drop was even sharper, however, with a fall of 98% from the second-wave peak.
And for people in the 70-74 age group, deaths have dropped by 99%.
The figures suggest the strict lockdowns in place across England and Wales since the start of the year, coupled with the increasing take-up of Covid-19 vaccinations, have together played a critical role in limiting the spread of the virus among the population.
Lockdown restrictions are now being eased in both nations, though it is too soon to see any consequences of these changes reflected in the data.
Separate figures from the ONS show the total number of deaths registered in England and Wales have remained below the pre-pandemic average for the sixth consecutive week.
Some 10,438 deaths were registered in the week to April 16, 0.8% below the average for the corresponding period in 2015-19.
Prior to the six most recent weeks, the last time deaths were below average was in the week to September 4 2020.
Across the UK as a whole, a total of 152,205 deaths have now occurred since the start of the pandemic where Covid-19 was mentioned on the death certificate.
The highest number of deaths to occur on a single day was 1,477 on January 19.
During the first wave of the virus, the daily death toll peaked at 1,461 deaths on April 8 2020.
Using the end of August 2020 as a dividing line between the first and second waves, 57,856 deaths took place in first wave while 94,349 deaths have so far occurred in the second wave.