yum update fails with "Transaction check error: installing package PACKAGE needs N inodes on the FS filesystem"

Issue

• When updating the system, yum update command fails with the following error (example):

  Transaction check error:
    installing package tfm-rubygem-foreman_openscap-0.10.3-1.el7sat.noarch needs 1748 inodes on the / filesystem
    installing package rubygem-smart_proxy_openscap-0.6.11-1.el7sat.noarch needs 1749 inodes on the / filesystem
    installing package rubygem-smart_proxy_remote_execution_ssh-0.2.0-3.el7sat.noarch needs 1751 inodes on the / filesystem
    [...]