diff --git a/.gitlab/ci/common.yml b/.gitlab/ci/common.yml
index a47e9c51a4c..51982b2d806 100644
--- a/.gitlab/ci/common.yml
+++ b/.gitlab/ci/common.yml
@@ -40,7 +40,7 @@ variables:
   # --prune --prune-tags: in case remote branch or tag is force pushed
   GIT_FETCH_EXTRA_FLAGS: "--no-recurse-submodules --prune --prune-tags"
 
-  LATEST_GIT_TAG: v5.5.4
+  LATEST_GIT_TAG: v5.5.5
 
   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 991cbfef9d6..1bdd2028e2b 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   5
 /** Patch version number (x.x.X) */
-#define ESP_IDF_VERSION_PATCH   4
+#define ESP_IDF_VERSION_PATCH   5
 
 /**
  * Macro to convert IDF version number into an integer
diff --git a/tools/cmake/version.cmake b/tools/cmake/version.cmake
index 3220c0794ec..59938689750 100644
--- a/tools/cmake/version.cmake
+++ b/tools/cmake/version.cmake
@@ -1,5 +1,5 @@
 set(IDF_VERSION_MAJOR 5)
 set(IDF_VERSION_MINOR 5)
-set(IDF_VERSION_PATCH 4)
+set(IDF_VERSION_PATCH 5)
 
 set(ENV{IDF_VERSION} "${IDF_VERSION_MAJOR}.${IDF_VERSION_MINOR}.${IDF_VERSION_PATCH}")