Jurgen Klopp's side ended the campaign a whopping 18 points ahead of their nearest rivals City, ending Guardiola's side's two-year reign as English football's best side in the process.
"I think Liverpool were exceptional this season and I want to congratulate them," Guardiola told beIN Sports. "We were not consistent like previous seasons when we were like machines in every single day.
"But we lost a lot of games this season, and when you lose a lot of games with this opponent, it's not impossible, but the way we played was good, I don't have many regrets in the way we played.
"Liverpool played every single game like it was their last game, but we did not play the games like if we do not win, we are going to lose the Premier League.
"They played every single game like they could not lose one game, and we did not."
Despite the disappointment of his side's weak title defence, Guardiola heaped praise on rival and Liverpool boss Klopp.
"Klopp is an exceptional person, I like to be his colleague, and to compete with him and against him. I think he is an exceptional manager," Guardiola added.
"He showed it in Germany and now in England, and wherever he will be he will have success."