A 2-0 Premier League defeat at relegation rivals Swansea City saw the Foxes drop to 17th position, just one point clear of the bottom three.
The match also saw Leicester become the first defending top-flight champions to fail to score in six consecutive league matches.
Ranieri was given a vote of confidence from the club's hierarchy last week, but the pressure is growing as the prospect of relegation looks increasingly possible.
"We have two problems - we concede goals and we don't score," Ranieri said to Sky Sports.
"We have to speak together to find a solution, it is not possible to continue in this way.
"I wanted this game to be the start of a 'new season', but it is the same, it is unbelievable this season.
"We started well against a good team but their first two shots on goal are goals and it is very difficult to come back from that. We created chances in the second half but they defended very, very well.
"We wanted to make a good result against another team near the relegation zone. Our mind is on the Premier League. The FA Cup and Champions League is something different.
"We want to play well and be safe in the Premier League. Our main target is to be safe in the Premier League."
Swansea boss Paul Clement, meanwhile, has overseen a run of three victories in four top-flight matches as the Swans surged above Leicester to 15th in the standings.
"My job was to come in in January and put confidence back into the team, get them playing better and get them organised," he said.
"I'm happy with the response from the players. We are in good form at the moment and back-to-back home wins is very pleasing.
"We have worked hard on the training ground to get the basics right, nothing complicated. That has brought about confidence as they know what they are doing on the pitch.
"There is a massive amount to do. We are working on what we need to and that is what we must do every game.
"We totally deserved the victory, but we don't have time to reflect on how well it has gone. We have got Chelsea coming up next."