Mick McCarthy's side are now second bottom although they had enough chances to take something from the game.
But while Chelsea continue to lead the pack at the top of the table, Ancelotti insisted it was still too early to talk about titles and warned they will go through a difficult patch at some point in the season.
"It was a tough game because we didn't play so well,'' Ancelotti said. "We had a lot of chances before the second goal. We didn't play as well as we normally have done this season.
"It is a good advantage but tomorrow it might be different. It is too early to say we have enough points. We have started the season well and have to continue that. A difficult moment will arrive for us and we have to be ready.
"So in that respect it was very good result and leaves us in a good position. It was a difficult week because of the travel to Moscow for the Champions League game against Spartak. We were not 100%. It is important to win when you are not 100%. We did not play our best.''
Didier Drogba was back in the Chelsea side after missing the last two games with a virus but he looked well below par and Ancelotti accepted the fact.
"Drogba was not precise in his play and lost a lot of balls,'' he added."He needed to play with the team after his illness and be comfortable on the pitch.''
But the good news for Ancelotti was the return of right-back Jose Bosingwa after 13 months on the sidelines with a knee problem. He gave Chelsea added speed on right flank and came close to capping his return with a goal on two occasions.
"Bosingwa played very well and he was one of the best players on the pitch,'' said Ancelotti. "He put a lot of pressure on them in the second-half.
"He is an important player for us in the future because he has speed for attacking play. It was very difficult for him being out but he was excited to play.''
Wolves manager Mick McCarthy felt his side should have got on the scoresheet but was full of praise for the league leaders.
"I think we should have scored which may well have given us something out of it," McCarthy said. "We had the best two chances prior to them scoring. It was certainly a good performance.
"I think Chelsea are the best team in the league in my opinion. They have got loads of ability and pace and one of the best goalkeepers in the league.
"They are physically tough and clever. They trust people with the ball and they are a fantastic team. We should have scored against them but we didn't.''