diff --git a/src/core/include/openvino/core/version.hpp b/src/core/include/openvino/core/version.hpp
index f78a595cbbd..a06f54ff583 100644
--- a/src/core/include/openvino/core/version.hpp
+++ b/src/core/include/openvino/core/version.hpp
@@ -21,7 +21,7 @@
 
 #define OPENVINO_VERSION_MAJOR 2022
 #define OPENVINO_VERSION_MINOR 1
-#define OPENVINO_VERSION_PATCH 0
+#define OPENVINO_VERSION_PATCH 1
 
 namespace ov {
 
diff --git a/src/inference/include/ie/ie_version.hpp b/src/inference/include/ie/ie_version.hpp
index a36031e58ef..2c8cc9d48f1 100644
--- a/src/inference/include/ie/ie_version.hpp
+++ b/src/inference/include/ie/ie_version.hpp
@@ -22,7 +22,7 @@
 
 #define IE_VERSION_MAJOR 2022
 #define IE_VERSION_MINOR 1
-#define IE_VERSION_PATCH 0
+#define IE_VERSION_PATCH 1
 
 #include "ie_api.h"