A wonderful free-kick from Julian Alvarez was sandwiched between a Ruben Dias own goal and Hwang Hee-chan’s second half winner.
It brought an end to our 100% winning start, following six successive victories, and Guardiola said the home side earned the three points, highlighting the impact of winger Pedro Neto whose driving run was instrumental in the opener.
“Congratulations Wolves, they played really well,” he said. “We had our own moments - I don’t count the last 10 or 15 minutes as it was more difficult.
“We didn’t properly do our process to attack with a bit more fluidity and that was why we struggled a little bit.
“In the transitions, Neto was better than us. They beat us in that position not because we were disorganised, but they were better in that position that we could defend well.
“It was a difficult game to play we knew it and they played really well and congratulations.”
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Matchwinner Hwang’s second half goal came after the South Korean could have potentially been shown a red card.
The South Korean was given a yellow card for a high challenge on Manuel Akanji before catching Kyle Walker with a late tackle just before half-time.
Guardiola, who was banned from the touchline after receiving three yellow cards, said the result was not because of referee Craig Pawson.
“Do you think I am going to give an opinion on the referee? Not all I have never done it,” he added.
“I can be emotional on the touchline but after I reflect here I am so respectful. Today we didn’t lose because of the referee just like we don’t win because of the referee.
“We won five Premier League titles not for the referee and today we didn’t lose because of the referee, but for ourselves.
“But this is what is going on. Rodri’s three-match suspension is because of the action, the situation has happened. We have to accept it and all the times in previous games we have overcome the problems.
“You have to have the right character to be champions never ever did we not overcome the problems.
“I know what we have done, we have done it and we will do it. It’s not about [the referee].”
Guardiola also praised the Wolves’ defence who restricted Premier League leading scorer Erling Haaland to few sights of goal.
“It is not easy when he has three players,” he added. “There are a lot of players there, it’s not easy but it happened.”