diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index 0b78d091d8457..63dc3ddab368a 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,3 +1,3 @@
 {
-  ".": "2.118.0"
+  ".": "2.118.1"
 }
\ No newline at end of file
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 6270da69939f7..ac660be08ed8c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,15 @@
 # Changelog
 
+## [2.118.1](https://github.com/Flagsmith/flagsmith/compare/v2.118.0...v2.118.1) (2024-06-03)
+
+
+### Bug Fixes
+
+* facilitate FE display of environment version from audit log ([#4077](https://github.com/Flagsmith/flagsmith/issues/4077)) ([be9b7ce](https://github.com/Flagsmith/flagsmith/commit/be9b7ce1f11a343b1c1d2566d851f11e909cebbc))
+* select propagation ([#4085](https://github.com/Flagsmith/flagsmith/issues/4085)) ([0e16068](https://github.com/Flagsmith/flagsmith/commit/0e160684e37d5640d4d2be94036765d2d7d5af5d))
+* **sentry-FLAGSMITH-API-4FY:** resolve metadata segment n+1 ([#4030](https://github.com/Flagsmith/flagsmith/issues/4030)) ([a22f86c](https://github.com/Flagsmith/flagsmith/commit/a22f86c6a5555960be8227fecf6afb7f8b2d2011))
+* **versioning:** ensure get_previous_version returns previous version, not latest version ([#4083](https://github.com/Flagsmith/flagsmith/issues/4083)) ([22d371b](https://github.com/Flagsmith/flagsmith/commit/22d371bd60650abce4c692e1b3032bbd5c1b8e7f))
+
 ## [2.118.0](https://github.com/Flagsmith/flagsmith/compare/v2.117.1...v2.118.0) (2024-05-31)
 
 
diff --git a/version.txt b/version.txt
index 759c8b7201644..a2228072cab2f 100644
--- a/version.txt
+++ b/version.txt
@@ -1 +1 @@
-2.118.0
+2.118.1