Grumpy,
You said: If the carburetor has not been disturbed recently - in particular by loosening the attaching studs - the most likely problem is dirt or gum in the carburetor
The carburetor had not been disturbed ever, until couple of hours ago. You were right above, the issue was in the carburetor, I noticed the smaller of the holes in the Main Nozzle were restricted by gum (I assume), I did general cleaning of the carburetor based on youtube videos and not only the hunting issue was resolved but since last summer I noticed the so called Toro Personal Pace self propel system lacked power, likely the carburetor jets were clogged since then, that minor inconvenience was also solved after the the carburetor cleaning. Many thanks for your prompt and accurate advice.
Regards
Barro