Index: src/insert.c
==================================================================
--- src/insert.c
+++ src/insert.c
@@ -1840,11 +1840,11 @@
     if( regR!=regIdx ) sqlite3ReleaseTempRange(pParse, regR, nPkField);
   }
 
   /* If the IPK constraint is a REPLACE, run it last */
   if( ipkTop ){
-    sqlite3VdbeGoto(v, ipkTop+1);
+    sqlite3VdbeGoto(v, ipkTop);
     VdbeComment((v, "Do IPK REPLACE"));
     sqlite3VdbeJumpHere(v, ipkBottom);
   }
 
   *pbMayReplace = seenReplace;