diff --git a/Lib/fontTools/__init__.py b/Lib/fontTools/__init__.py
index 3582c9c86..0ec8b4ecf 100644
--- a/Lib/fontTools/__init__.py
+++ b/Lib/fontTools/__init__.py
@@ -3,6 +3,6 @@ from fontTools.misc.loggingTools import configLogger
 
 log = logging.getLogger(__name__)
 
-version = __version__ = "4.54.1.dev0"
+version = __version__ = "4.54.1"
 
 __all__ = ["version", "log", "configLogger"]
diff --git a/NEWS.rst b/NEWS.rst
index cbab255cb..ec3edeb35 100644
--- a/NEWS.rst
+++ b/NEWS.rst
@@ -1,3 +1,6 @@
+4.54.1 (released 2024-09-24)
+----------------------------
+
 - [unicodedata] Update to Unicode 16
 - [subset] Escape ``\\`` in doc string
 
diff --git a/setup.cfg b/setup.cfg
index 525018511..1de3e8d81 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -1,5 +1,5 @@
 [bumpversion]
-current_version = 4.54.1.dev0
+current_version = 4.54.1
 commit = True
 tag = False
 tag_name = {new_version}
diff --git a/setup.py b/setup.py
index cd0c3de39..d4f0130f7 100755
--- a/setup.py
+++ b/setup.py
@@ -481,7 +481,7 @@ if ext_modules:
 
 setup_params = dict(
     name="fonttools",
-    version="4.54.1.dev0",
+    version="4.54.1",
     description="Tools to manipulate font files",
     author="Just van Rossum",
     author_email="just@letterror.com",