Euro zone inflation rose to 1.5 percent in August, narrowly beating analyst expectations and edging slightly closer to the European Central Bank’s target, according to flash estimates released by Eurostat on Thursday.

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German and Spanish consumer prices were stronger-than-anticipated in August, data showed on Wednesday.

Last week, ECB President Mario Draghi had called for investors to remain patient regarding the furor over the central bank’s ultra-loose monetary policy. Speaking at Jackson Hole on Friday, Draghi stressed that more time would be required in order for inflation to reach the 19-member bloc’s target of 2 percent.

German consumer prices rose 1.8 percent in August, according to the Federal Statistics Office, up from a 1.5 percent annual increase last month. Meantime, Spain’s harmonized consumer prices rose 2 percent when compared to the same period 12 months ago, amid strong growth in the bloc’s fourth largest economy.

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