First-half goals from Max Kilman and Raul Jimenez put Wolves ahead, but the Nigerian midfielder scored on the 66th minute to make it 2-1.
Everton pushed hard for the equaliser, but they paid the price for their sluggish start – failing to deal with a set-piece and then gifting Wolves their second with Ben Godfrey’s careless back-pass.
“It is a pity because we didn’t play in the first half. We had a lot of character and chances in the second half, it was maybe a little too late. That was the reaction we were expecting but it was just a shame we didn’t do it in the first half.
“They were growing in confidence. We have to see what we did in the second half for 90 minutes. Obviously we didn’t do it and that is where we have to improve.”
Everton will turn their attention to the next game against Tottenham on Sunday at 2pm.