Premier League - Walters downs Liverpool
On 21 minutes came the major talking point as Jermaine Pennant's lofted ball into the box found the former Ipswich Town striker in the area who was upended and referee Mark Clattenburg pointed straight to the spot.
Despite Carragher appearing to be the last man, the Liverpool skipper avoided a caution before Walters stepped up to take the spot kick and blast his penalty straight down the middle as Pepe Reina dived to his right.
And the Reds had then had chance to get back into the game after the goal but Martin Skrtel failed to keep his effort down when the ball fell to him on the edge of the area following Suarez's pull back.
Liverpool dominated the second half but they lacked the ideas needed to unlock the Potters defence.
Jose Enrique played through Jordan Henderson on 62 minutes and the Liverpool midfielder had three chances to get his side back on level terms. Twice he was denied by keeper Asmir Begovic, and then by Ryan Shawcross before Adam was also denied by Begovic and the ball was eventually cleared for a corner.
Craig Bellamy came off the bench for the Reds but he wasted yet another opportunity, heading well wide, when free at the back post.
Stoke continued to defend well and were fully deserving of their victory, restricting Liverpool to long range efforts for much of the game but deep into stoppage time Suarez wasted a glorious chance to rescue a point for the Reds but he missed the target after Begovic failed to claim a cross in the Stoke box.