diff --git a/CHANGELOG.md b/CHANGELOG.md
index eee12ce4..b64ab180 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,12 @@
 
 <!--next-version-placeholder-->
 
+## v1.7.0 (2023-11-22)
+
+### Feature
+
+* Migrating localnet to latest indexer v3.x images ([#351](https://github.com/algorandfoundation/algokit-cli/issues/351)) ([`04ef300`](https://github.com/algorandfoundation/algokit-cli/commit/04ef3008366028118358e342c0e83e08f3c095ba))
+
 ## v1.6.3 (2023-11-14)
 
 ### Fix
diff --git a/pyproject.toml b/pyproject.toml
index ec15b878..42c1805a 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [tool.poetry]
 name = "algokit"
-version = "1.6.3"
+version = "1.7.0"
 description = "Algorand development kit command-line interface"
 authors = ["Algorand Foundation <contact@algorand.foundation>"]
 license = "MIT"