diff --git a/.gitlab/ci/common.yml b/.gitlab/ci/common.yml
index c11e1574ee..1c0b75fcc5 100644
--- a/.gitlab/ci/common.yml
+++ b/.gitlab/ci/common.yml
@@ -40,7 +40,7 @@ variables:
   GIT_FETCH_EXTRA_FLAGS: "--no-recurse-submodules --prune --prune-tags"
   # we're using .cache folder for caches
   GIT_CLEAN_FLAGS: -ffdx -e .cache/
-  LATEST_GIT_TAG: v5.4
+  LATEST_GIT_TAG: v5.4.1
 
   SUBMODULE_FETCH_TOOL: "tools/ci/ci_fetch_submodule.py"
   # by default we will fetch all submodules
diff --git a/components/esp_common/include/esp_idf_version.h b/components/esp_common/include/esp_idf_version.h
index 74aea26b78..6fc861cc16 100644
--- a/components/esp_common/include/esp_idf_version.h
+++ b/components/esp_common/include/esp_idf_version.h
@@ -15,7 +15,7 @@ extern "C" {
 /** Minor version number (x.X.x) */
 #define ESP_IDF_VERSION_MINOR   4
 /** Patch version number (x.x.X) */
-#define ESP_IDF_VERSION_PATCH   0
+#define ESP_IDF_VERSION_PATCH   1
 
 /**
  * Macro to convert IDF version number into an integer
diff --git a/tools/cmake/version.cmake b/tools/cmake/version.cmake
index 6293abcca1..302187cd90 100644
--- a/tools/cmake/version.cmake
+++ b/tools/cmake/version.cmake
@@ -1,5 +1,5 @@
 set(IDF_VERSION_MAJOR 5)
 set(IDF_VERSION_MINOR 4)
-set(IDF_VERSION_PATCH 0)
+set(IDF_VERSION_PATCH 1)
 
 set(ENV{IDF_VERSION} "${IDF_VERSION_MAJOR}.${IDF_VERSION_MINOR}.${IDF_VERSION_PATCH}")