diff --git a/Include/internal/pycore_object.h b/Include/internal/pycore_object.h
index 546f98d96d36ec..de82d9e76f3ca1 100644
--- a/Include/internal/pycore_object.h
+++ b/Include/internal/pycore_object.h
@@ -65,6 +65,11 @@ static inline void _Py_RefcntAdd(PyObject* op, Py_ssize_t n)
     _Py_AddRefTotal(_PyInterpreterState_GET(), n);
 #endif
     op->ob_refcnt += n;
+
+    // Although the ref count was increased by `n` (which may be greater than 1)
+    // it is only a single increment (i.e. addition) operation, so only 1 refcnt
+    // increment operation is counted.
+    _Py_INCREF_STAT_INC();
 }
 #define _Py_RefcntAdd(op, n) _Py_RefcntAdd(_PyObject_CAST(op), n)
 
diff --git a/Misc/NEWS.d/next/Core_and_Builtins/2024-12-07-13-06-09.gh-issue-127599.tXCZb_.rst b/Misc/NEWS.d/next/Core_and_Builtins/2024-12-07-13-06-09.gh-issue-127599.tXCZb_.rst
new file mode 100644
index 00000000000000..565ecb82c71926
--- /dev/null
+++ b/Misc/NEWS.d/next/Core_and_Builtins/2024-12-07-13-06-09.gh-issue-127599.tXCZb_.rst
@@ -0,0 +1,2 @@
+Fix statistics for increments of object reference counts (in particular, when
+a reference count was increased by more than 1 in a single operation).