diff --git a/Misc/NEWS.d/next/Core and Builtins/2023-07-29-22-01-30.gh-issue-104584.tINuoA.rst b/Misc/NEWS.d/next/Core and Builtins/2023-07-29-22-01-30.gh-issue-104584.tINuoA.rst
new file mode 100644
index 00000000000000..059524831597b7
--- /dev/null
+++ b/Misc/NEWS.d/next/Core and Builtins/2023-07-29-22-01-30.gh-issue-104584.tINuoA.rst	
@@ -0,0 +1,2 @@
+Fix an issue which caused incorrect inline caches to be read when running
+with :envvar:`PYTHONUOPS` or :option:`-X uops <-X>` enabled.
diff --git a/Python/optimizer.c b/Python/optimizer.c
index 09120c33d130ca..238ab02d09faa7 100644
--- a/Python/optimizer.c
+++ b/Python/optimizer.c
@@ -579,7 +579,8 @@ translate_bytecode_to_trace(
                     for (int i = 0; i < nuops; i++) {
                         oparg = orig_oparg;
                         uint64_t operand = 0;
-                        int offset = expansion->uops[i].offset;
+                        // Add one to account for the actual opcode/oparg pair:
+                        int offset = expansion->uops[i].offset + 1;
                         switch (expansion->uops[i].size) {
                             case OPARG_FULL:
                                 if (extras && OPCODE_HAS_JUMP(opcode)) {