diff --git a/setup.cfg b/setup.cfg
index 87abfaddb..f1abbbf48 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 0.54.0
+current_version = 0.54.1
 commit = True
 tag = True
 parse = (?P<major>\d+)\.(?P<minor>\d+)\.(?P<patch>\d+)(\-(?P<release>[a-z]+))?
diff --git a/setup.py b/setup.py
index 92062a2f1..2cdb1a486 100644
--- a/setup.py
+++ b/setup.py
@@ -8,7 +8,7 @@ def read(fname):
 
 setup(
     name='annif',
-    version='0.54.0',
+    version='0.54.1',
     url='https://github.com/NatLibFi/Annif',
     author='Osma Suominen',
     author_email='osma.suominen@helsinki.fi',