diff --git a/CHANGELOG.md b/CHANGELOG.md
index d28709a8..d9b5b8ca 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,8 @@
 # NVIDIA Container Toolkit Changelog
 
+## v1.16.1
+- Fix bug with processing errors during CDI spec generation for MIG devices
+
 ## v1.16.0
 - Promote v1.16.0-rc.2 to v1.16.0
 
diff --git a/versions.mk b/versions.mk
index 01f869e0..b45626f5 100644
--- a/versions.mk
+++ b/versions.mk
@@ -13,7 +13,7 @@
 # limitations under the License.
 
 LIB_NAME := nvidia-container-toolkit
-LIB_VERSION := 1.16.0
+LIB_VERSION := 1.16.1
 LIB_TAG :=
 
 # The package version is the combination of the library version and tag.