diff --git a/Modules/_decimal/_decimal.c b/Modules/_decimal/_decimal.c
index b49ea3cbb410ef..99ff9aa17b179c 100644
--- a/Modules/_decimal/_decimal.c
+++ b/Modules/_decimal/_decimal.c
@@ -5877,6 +5877,7 @@ cfunc_noargs(PyTypeObject *t, const char *name)
     return NULL;
 }
 
+static int minalloc_is_set = 0;
 
 static int
 _decimal_exec(PyObject *m)
@@ -5899,7 +5900,12 @@ _decimal_exec(PyObject *m)
     mpd_reallocfunc = PyMem_Realloc;
     mpd_callocfunc = mpd_callocfunc_em;
     mpd_free = PyMem_Free;
-    mpd_setminalloc(_Py_DEC_MINALLOC);
+
+    /* Suppress the warning caused by multi-phase initialization */
+    if (!minalloc_is_set) {
+        mpd_setminalloc(_Py_DEC_MINALLOC);
+        minalloc_is_set = 1;
+    }
 
     decimal_state *state = get_module_state(m);
 
diff --git a/Tools/c-analyzer/cpython/ignored.tsv b/Tools/c-analyzer/cpython/ignored.tsv
index f9911643332b5e..ca656f0760ab4f 100644
--- a/Tools/c-analyzer/cpython/ignored.tsv
+++ b/Tools/c-analyzer/cpython/ignored.tsv
@@ -166,6 +166,9 @@ Python/pylifecycle.c	fatal_error	reentrant	-
 # explicitly protected, internal-only
 Modules/_xxinterpchannelsmodule.c	-	_globals	-
 
+# set once during module init
+Modules/_decimal/_decimal.c	-	minalloc_is_set	-
+
 
 ##################################
 ## not significant