diff --git a/Lib/ensurepip/__init__.py b/Lib/ensurepip/__init__.py
index 1fb1d505cfd0c5..21e4ad99a39628 100644
--- a/Lib/ensurepip/__init__.py
+++ b/Lib/ensurepip/__init__.py
@@ -10,7 +10,7 @@
 
 __all__ = ["version", "bootstrap"]
 _PACKAGE_NAMES = ('pip',)
-_PIP_VERSION = "23.2.1"
+_PIP_VERSION = "23.3.1"
 _PROJECTS = [
     ("pip", _PIP_VERSION, "py3"),
 ]
diff --git a/Lib/ensurepip/_bundled/pip-23.2.1-py3-none-any.whl b/Lib/ensurepip/_bundled/pip-23.3.1-py3-none-any.whl
similarity index 80%
rename from Lib/ensurepip/_bundled/pip-23.2.1-py3-none-any.whl
rename to Lib/ensurepip/_bundled/pip-23.3.1-py3-none-any.whl
index ba28ef02e265f0..a4faf716b663e6 100644
Binary files a/Lib/ensurepip/_bundled/pip-23.2.1-py3-none-any.whl and b/Lib/ensurepip/_bundled/pip-23.3.1-py3-none-any.whl differ
diff --git a/Misc/NEWS.d/next/Library/2023-11-29-10-51-41.gh-issue-112516.rFKUKN.rst b/Misc/NEWS.d/next/Library/2023-11-29-10-51-41.gh-issue-112516.rFKUKN.rst
new file mode 100644
index 00000000000000..530cf992dcd77a
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2023-11-29-10-51-41.gh-issue-112516.rFKUKN.rst
@@ -0,0 +1 @@
+Update the bundled copy of pip to version 23.3.1.