China's lowering CPI means weaker economy

China's annual consumer inflation slowed in May, according to the latest data released on Sunday, suggesting that the world's second-largest economy could be weaker than expected.

The National Bureau of Statistics said China's consumer inflation surged 2.1 percent, 0.3 percentage points lower than one month ago or the lowest in three months, while producer prices fell 2.9 percent from a year earlier, the lowest since September.

Grain prices soared 5.1 percent, meat and relevant product prices went up 1.6 percent and vegetable prices were down 1.9 percent.