diff --git a/common.mk b/common.mk
index ddfc2550ca..3d30c1e97a 100644
--- a/common.mk
+++ b/common.mk
@@ -40,7 +40,7 @@ DOCKER_CLI_REF     ?= $(REF)
 DOCKER_ENGINE_REF  ?= $(REF)
 # DOCKER_COMPOSE_REF is the version of compose to package. It usually is a tag,
 # but can be a valid git reference in DOCKER_COMPOSE_REPO.
-DOCKER_COMPOSE_REF ?= v2.32.0
+DOCKER_COMPOSE_REF ?= v2.32.1
 # DOCKER_BUILDX_REF is the version of compose to package. It usually is a tag,
 # but can be a valid git reference in DOCKER_BUILDX_REPO.
 DOCKER_BUILDX_REF  ?= v0.19.2