Finance minister Choo Kyung-ho said price stability remains a priority over responses to the economy in the government's policy implementation.

Choo, who is in New York to attend the Group of 20 Finance Ministers and Central Bank Governors' meeting, told South Korean reporters on Tuesday that more time would be required until inflation reaches the Bank of Korea's target in the two-percent range.

The minister said an adjustment of expenditures and other economic issues should be reviewed in line with inflation.

Asked about the timing of a transition to an economic response-centered policy, Choo said any redirection would follow the central bank's monetary policy adjustment.

The minister said, however, that the effects from drawing up an extra budget as an expansionary measure would be extremely limited.