Argentine striker Diego Milito fired Jose Mourinho’s outfit ahead after just three minutes at the San Siro, only for Salomon Kalou to restore parity with a curling 25-yarder five minutes after half-time.
However, another Argentine - Esteban Cambiasso - fired the Nerazzurri back in front soon after with an unstoppable shot from the edge of the penalty-area to hand the Italians a slender advantage ahead of the second leg at Stamford Bridge on March 16.
NEWS: Inter edge Chelsea in last 16 opener
Lampard, though, believes that on the balance of play, Carlo Ancelotti's side deserved at least a draw, but remains confident that - having bagged an away goal - the Blues can turn the tie around on home soil.
"On the balance of play we were the stronger team, they looked to soak up pressure and hit us on the counter attack," he said.
"Mourinho is obviously very clever in the way he plays it. But we've got an away goal and if we can play like that and put our chances away in London we'll have a chance.
"I think 2-1 is a decent result. We’ve got a great chance now and it’s very much in the balance."
NEWS: Malouda enjoyed unfamiliar left-back role
NEWS: Ancelotti - Chelsea should have had a penalty
‘England have the players to win the World Cup – it’ll be tough for Thomas Tuchel to do a bad job, with the squad he has at his disposal’ Former Three Lions winger backs new boss after gentle qualifying draw
‘This is the hardest Manchester derby to call in years – Manchester United shouldn’t be petrified, it feels like Manchester City aren’t in control of any game at the moment’ Former Red Devils striker thinks a surprise result could be possible
