South Korea's central bank governor said on Wednesday stabilizing prices is the current priority over growth as policymakers need to stay alert against a renewed flare-up in prices.

Rhee Chang-yong told CNBC that headline inflation will slow to just above 3% by the end of this year and reach the central bank's target of 2% by the end of 2024.

He was speaking on the sidelines of the World Bank-International Monetary Fund annual meetings in Morocco. (Reporting by Cynthia Kim, Jihoon Lee; Editing by Andrew Heavens)