The Reds finished on 97 points for the season, one point behind champions Manchester City.
And Carragher believes Jurgen Klopp's side should have taken more points from the Citizens.
"The only thing Liverpool can look back with at regret is they didn't beat City.
"You can't expect other people to take points off City if you don't do it yourselves and Liverpool only took one from six against City.
"Next season they have to look at those games as cup finals and beat them, although that's easier said than done!"