diff --git a/CHANGELOG.md b/CHANGELOG.md
index d50c6c1c..64dcbf19 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,6 +5,9 @@ Template:
 Next
 ---------------------
 
+- ABI BREAKING: [Inline `cbor_incref` and `cbor_decref` fast paths](https://github.com/PJK/libcbor/pull/434)
+  - `cbor_incref` and `cbor_decref` are now `static inline` in `cbor/common.h`; the deallocation branch of `cbor_decref` moved into a new exported helper `_cbor_decref_free`. Source-compatible — same signatures and semantics — but the two symbols are no longer exported from the shared library, so binaries relying on their extern resolution (including `dlsym`) will fail to link against the new `.so`. Rebuilding against the updated headers is sufficient.
+
 0.14.0 (2026-04-07)
 ---------------------
 
diff --git a/src/cbor/common.c b/src/cbor/common.c
index 75ee3888..b7d6b708 100644
--- a/src/cbor/common.c
+++ b/src/cbor/common.c
@@ -81,80 +81,70 @@ bool cbor_is_float(const cbor_item_t* item) {
   return cbor_isa_float_ctrl(item) && !cbor_float_ctrl_is_ctrl(item);
 }
 
-cbor_item_t* cbor_incref(cbor_item_t* item) {
-  item->refcount++;
-  return item;
-}
-
-void cbor_decref(cbor_item_t** item_ref) {
-  cbor_item_t* item = *item_ref;
-  CBOR_ASSERT(item->refcount > 0);
-  if (--item->refcount == 0) {
-    switch (item->type) {
-      case CBOR_TYPE_UINT:
-        /* Fallthrough */
-      case CBOR_TYPE_NEGINT:
-        /* Combined allocation, freeing the item suffices */
-        { break; }
-      case CBOR_TYPE_BYTESTRING: {
-        if (cbor_bytestring_is_definite(item)) {
-          _cbor_free(item->data);
-        } else {
-          /* We need to decref all chunks */
-          cbor_item_t** handle = cbor_bytestring_chunks_handle(item);
-          for (size_t i = 0; i < cbor_bytestring_chunk_count(item); i++)
-            cbor_decref(&handle[i]);
-          _cbor_free(((struct cbor_indefinite_string_data*)item->data)->chunks);
-          _cbor_free(item->data);
-        }
-        break;
-      }
-      case CBOR_TYPE_STRING: {
-        if (cbor_string_is_definite(item)) {
-          _cbor_free(item->data);
-        } else {
-          /* We need to decref all chunks */
-          cbor_item_t** handle = cbor_string_chunks_handle(item);
-          for (size_t i = 0; i < cbor_string_chunk_count(item); i++)
-            cbor_decref(&handle[i]);
-          _cbor_free(((struct cbor_indefinite_string_data*)item->data)->chunks);
-          _cbor_free(item->data);
-        }
-        break;
-      }
-      case CBOR_TYPE_ARRAY: {
-        /* Get all items and decref them */
-        cbor_item_t** handle = cbor_array_handle(item);
-        size_t size = cbor_array_size(item);
-        for (size_t i = 0; i < size; i++)
-          if (handle[i] != NULL) cbor_decref(&handle[i]);
+void _cbor_decref_free(cbor_item_t* item) {
+  switch (item->type) {
+    case CBOR_TYPE_UINT:
+      /* Fallthrough */
+    case CBOR_TYPE_NEGINT:
+      /* Combined allocation, freeing the item suffices */
+      { break; }
+    case CBOR_TYPE_BYTESTRING: {
+      if (cbor_bytestring_is_definite(item)) {
         _cbor_free(item->data);
-        break;
-      }
-      case CBOR_TYPE_MAP: {
-        struct cbor_pair* handle = cbor_map_handle(item);
-        for (size_t i = 0; i < item->metadata.map_metadata.end_ptr;
-             i++, handle++) {
-          cbor_decref(&handle->key);
-          if (handle->value != NULL) cbor_decref(&handle->value);
-        }
+      } else {
+        /* We need to decref all chunks */
+        cbor_item_t** handle = cbor_bytestring_chunks_handle(item);
+        for (size_t i = 0; i < cbor_bytestring_chunk_count(item); i++)
+          cbor_decref(&handle[i]);
+        _cbor_free(((struct cbor_indefinite_string_data*)item->data)->chunks);
         _cbor_free(item->data);
-        break;
       }
-      case CBOR_TYPE_TAG: {
-        if (item->metadata.tag_metadata.tagged_item != NULL)
-          cbor_decref(&item->metadata.tag_metadata.tagged_item);
+      break;
+    }
+    case CBOR_TYPE_STRING: {
+      if (cbor_string_is_definite(item)) {
+        _cbor_free(item->data);
+      } else {
+        /* We need to decref all chunks */
+        cbor_item_t** handle = cbor_string_chunks_handle(item);
+        for (size_t i = 0; i < cbor_string_chunk_count(item); i++)
+          cbor_decref(&handle[i]);
+        _cbor_free(((struct cbor_indefinite_string_data*)item->data)->chunks);
         _cbor_free(item->data);
-        break;
       }
-      case CBOR_TYPE_FLOAT_CTRL: {
-        /* Floats have combined allocation */
-        break;
+      break;
+    }
+    case CBOR_TYPE_ARRAY: {
+      /* Get all items and decref them */
+      cbor_item_t** handle = cbor_array_handle(item);
+      size_t size = cbor_array_size(item);
+      for (size_t i = 0; i < size; i++)
+        if (handle[i] != NULL) cbor_decref(&handle[i]);
+      _cbor_free(item->data);
+      break;
+    }
+    case CBOR_TYPE_MAP: {
+      struct cbor_pair* handle = cbor_map_handle(item);
+      for (size_t i = 0; i < item->metadata.map_metadata.end_ptr;
+           i++, handle++) {
+        cbor_decref(&handle->key);
+        if (handle->value != NULL) cbor_decref(&handle->value);
       }
+      _cbor_free(item->data);
+      break;
+    }
+    case CBOR_TYPE_TAG: {
+      if (item->metadata.tag_metadata.tagged_item != NULL)
+        cbor_decref(&item->metadata.tag_metadata.tagged_item);
+      _cbor_free(item->data);
+      break;
+    }
+    case CBOR_TYPE_FLOAT_CTRL: {
+      /* Floats have combined allocation */
+      break;
     }
-    _cbor_free(item);
-    *item_ref = NULL;
   }
+  _cbor_free(item);
 }
 
 void cbor_intermediate_decref(cbor_item_t* item) { cbor_decref(&item); }
diff --git a/src/cbor/common.h b/src/cbor/common.h
index bdb08af4..87b64e25 100644
--- a/src/cbor/common.h
+++ b/src/cbor/common.h
@@ -311,10 +311,26 @@ CBOR_EXPORT bool cbor_is_undef(const cbor_item_t* item);
  *
  * This function can be used to extend reference counting to client code.
  *
+ * Defined `static inline` so the single-instruction increment is emitted
+ * directly at the call site — meaningful for hot loops that build
+ * #cbor_item_t trees, where every constructed item touches the refcount.
+ *
  * @param item Reference to an item
  * @return The input \p item
  */
-CBOR_EXPORT cbor_item_t* cbor_incref(cbor_item_t* item);
+static inline cbor_item_t* cbor_incref(cbor_item_t* item) {
+  item->refcount++;
+  return item;
+}
+
+/** Slow path of #cbor_decref: performs the actual deallocation once the
+ * reference count reaches zero. Do not call directly; use #cbor_decref.
+ *
+ * Split from #cbor_decref so the fast path (decrement + zero check) can
+ * inline while the recursive free logic — which dominates code size —
+ * stays out of line.
+ */
+CBOR_EXPORT void _cbor_decref_free(cbor_item_t* item);
 
 /** Decreases the item's reference count by one, deallocating the item if
  * needed
@@ -322,9 +338,20 @@ CBOR_EXPORT cbor_item_t* cbor_incref(cbor_item_t* item);
  * In case the item is deallocated, the reference count of all items this
  * item references will also be #cbor_decref 'ed recursively.
  *
+ * The fast path (decrement, check for zero) is `static inline`; only the
+ * uncommon deallocation branch calls into #_cbor_decref_free. This keeps
+ * every non-final decref a couple of instructions at the call site.
+ *
  * @param item Reference to an item. Will be set to `NULL` if deallocated
  */
-CBOR_EXPORT void cbor_decref(cbor_item_t** item);
+static inline void cbor_decref(cbor_item_t** item_ref) {
+  cbor_item_t* item = *item_ref;
+  CBOR_ASSERT(item->refcount > 0);
+  if (--item->refcount == 0) {
+    _cbor_decref_free(item);
+    *item_ref = NULL;
+  }
+}
 
 /** Decreases the item's reference count by one, deallocating the item if
  * needed