How are item count discrepancies caused in lists, and how can I fix them?

Yesterday, I decided to send an email to Support about the issue, but I’m also going to bring it here.

This concerns a discrepancy between the actual item count on my watchlist (600) and the item count outside the watchlist page (601). It’s off by one item. Resetting the site cache did not help in this case.

Is this a bug, or is there something I can do to sort this out?