diff --git a/charts/flagger/values.yaml b/charts/flagger/values.yaml
index 96ab055e..0105f732 100644
--- a/charts/flagger/values.yaml
+++ b/charts/flagger/values.yaml
@@ -124,7 +124,7 @@ tolerations: []
 prometheus:
   # to be used with ingress controllers
   install: false
-  image: docker.io/prom/prometheus:v2.21.0
+  image: docker.io/prom/prometheus:v2.23.0
   retention: 2h
 
 kubeconfigQPS: ""
diff --git a/charts/grafana/values.yaml b/charts/grafana/values.yaml
index 5f4cdc0c..a9b6d8d8 100644
--- a/charts/grafana/values.yaml
+++ b/charts/grafana/values.yaml
@@ -6,7 +6,7 @@ replicaCount: 1
 
 image:
   repository: grafana/grafana
-  tag: 7.2.0
+  tag: 7.3.4
   pullPolicy: IfNotPresent
 
 podAnnotations: {}
diff --git a/kustomize/base/prometheus/deployment.yaml b/kustomize/base/prometheus/deployment.yaml
index a23b8158..3afb95f8 100644
--- a/kustomize/base/prometheus/deployment.yaml
+++ b/kustomize/base/prometheus/deployment.yaml
@@ -19,7 +19,7 @@ spec:
       serviceAccountName: flagger-prometheus
       containers:
           - name: prometheus
-            image: prom/prometheus:v2.21.0
+            image: prom/prometheus:v2.23.0
             imagePullPolicy: IfNotPresent
             args:
               - '--storage.tsdb.retention=2h'