Prices of private education and other extracurricular activities grew at the fastest pace in about five years in February, data showed Wednesday, indicating the heavier burden that parents have to shoulder in educating their children.
According to the data provided by Statistics Korea, prices of private institutes and supplementary education services across the country jumped 5.3 percent last month from a year earlier. This marked the fastest gain since January 2008 when it rose 5.8 percent on-year.
The rise is more significant given that the country’s overall consumer prices rose 1.4 percent in the same month from a year earlier, with the growth rate staying in the 1 percent range for the fourth straight month.
The prices are based on surveys of costs related to private education for elementary, middle and high school students across the country. They also include supplementary lessons given within schools.
In particular, private education costs for high school students surged 8.1 percent from a year earlier, following an 8.7 percent on-year gain in January which marked the largest increase in nearly 17 years.
Prices of private education for middle and elementary school students also jumped 7 percent and 4.9 percent, respectively, the data showed.
Korean parents are known for their enthusiasm about education, with private education spending staying significantly high, though its growth has been slowing in recent years. (Yonhap News)
