diff --git a/python/semantic_kernel/__init__.py b/python/semantic_kernel/__init__.py
index 17bdd77c4ff0..f3a96191b23b 100644
--- a/python/semantic_kernel/__init__.py
+++ b/python/semantic_kernel/__init__.py
@@ -2,7 +2,7 @@
 
 from semantic_kernel.kernel import Kernel
 
-__version__ = "1.32.0"
+__version__ = "1.32.1"
 
 DEFAULT_RC_VERSION = f"{__version__}-rc9"