diff --git a/Lib/ensurepip/__init__.py b/Lib/ensurepip/__init__.py
index 1826cdcf91ab3a..ba07d590b8b2de 100644
--- a/Lib/ensurepip/__init__.py
+++ b/Lib/ensurepip/__init__.py
@@ -11,8 +11,8 @@
 
 __all__ = ["version", "bootstrap"]
 _PACKAGE_NAMES = ('setuptools', 'pip')
-_SETUPTOOLS_VERSION = "63.2.0"
-_PIP_VERSION = "22.2.2"
+_SETUPTOOLS_VERSION = "65.5.0"
+_PIP_VERSION = "22.3"
 _PROJECTS = [
     ("setuptools", _SETUPTOOLS_VERSION, "py3"),
     ("pip", _PIP_VERSION, "py3"),
diff --git a/Lib/ensurepip/_bundled/pip-22.2.2-py3-none-any.whl b/Lib/ensurepip/_bundled/pip-22.3-py3-none-any.whl
similarity index 62%
rename from Lib/ensurepip/_bundled/pip-22.2.2-py3-none-any.whl
rename to Lib/ensurepip/_bundled/pip-22.3-py3-none-any.whl
index 03099718b0bcf4..d6fccd9de92afc 100644
Binary files a/Lib/ensurepip/_bundled/pip-22.2.2-py3-none-any.whl and b/Lib/ensurepip/_bundled/pip-22.3-py3-none-any.whl differ
diff --git a/Lib/ensurepip/_bundled/setuptools-63.2.0-py3-none-any.whl b/Lib/ensurepip/_bundled/setuptools-65.5.0-py3-none-any.whl
similarity index 61%
rename from Lib/ensurepip/_bundled/setuptools-63.2.0-py3-none-any.whl
rename to Lib/ensurepip/_bundled/setuptools-65.5.0-py3-none-any.whl
index e3b5446eb59cb5..123a13e2c6b254 100644
Binary files a/Lib/ensurepip/_bundled/setuptools-63.2.0-py3-none-any.whl and b/Lib/ensurepip/_bundled/setuptools-65.5.0-py3-none-any.whl differ
diff --git a/Misc/NEWS.d/next/Library/2022-10-16-15-31-50.gh-issue-98331.Y5kPOX.rst b/Misc/NEWS.d/next/Library/2022-10-16-15-31-50.gh-issue-98331.Y5kPOX.rst
new file mode 100644
index 00000000000000..b4cf94310af67f
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2022-10-16-15-31-50.gh-issue-98331.Y5kPOX.rst
@@ -0,0 +1 @@
+Update the bundled copies of pip and setuptools to versions 22.3 and 65.5.0 respectively.