Defeat means the Clarets have fallen to 11th in the table and are now seven points shy of the top six.
Howe said: "They were by far the better team. They scored a good first goal, but we were still in it at half-time.
"But as soon as the second goal went in it was going to be a tough afternoon.
"Leicester kept the ball very well and it was pretty hard to watch at times.
"We are now going to have to go on an incredible run to make the play-offs. Once we get one win we will be fine but we have just lost our way a little at the moment."
Source: PA
