First-half substitute Christian Benteke scored the only goal just after the hour to inflict the Premier League leaders' first loss in three months, with the Reds also preventing them scoring for the first time since May.
Asked whether defeat would affect them, Ranieri said: "Why? We are very down because we wanted to win but not every time it is possible
"If there is another team who plays better than you or maybe is more clear when there is a chance to score a goal then well done to them.
"I am not happy but it is okay
Sooner or later we had to lose
I think Liverpool deserved to win.
"At the beginning we were too anxious and nervous and we started to play so late, I don't know why.
"In the second half we conceded a goal which, if we are more attentive, we could close Benteke down better because it was three of my players against two of them and Benteke was alone.
"Now it is important to recover energy but it is more mental because there is another big match, a big challenge (Manchester City at home on Tuesday)."
Liverpool ended a run of four matches without victory and to do it against the league leaders, who had not been beaten away from home since March, gave manager Jurgen Klopp great pleasure.
"It was deserved," he said
"We played too complicated at Watford last week (losing 3-0)
Today we did much better.
"We knew if we stayed concentrated we would get our chances as it was not too intensive in the first half so we could do more in the second half.
"We made this one goal but after all the set-plays of Leicester it was difficult and close and not easy to defend but we did it, we had patience and that is good so we deserved the three points.
"A lot of teams tried it before and it is not too easy so I am really pleased with what we did today."
The only blot on the day was another hamstring injury, this time to striker Divock Origi who was preferred to £32.5million summer signing Benteke from the start.
"Origi did really well
I hope it is not too serious, we will see," said Klopp.
"Hamstring is the s*** word of the year for me
It is always hamstring, hamstring, hamstring - that is the intensity of the game and fixtures.
"Benteke did really well in the last week in training but we decided on this starting line-up because of the things you saw from Divock in the first half-hour - we needed his speed.
"Christian came in, it was not easy the first 10 minutes, and second half it was much better.
"He fought intensively and worked hard for the team and he made his goal
He did perfect in the situation."
Source : PA
Source: PA