diff --git a/Lib/ensurepip/__init__.py b/Lib/ensurepip/__init__.py
index 33c91801b0aa8588455a7b495b543d14fb6cf434..4a6ba9cedf3d1c8d90a3265905265a840da18fa7 100644
--- a/Lib/ensurepip/__init__.py
+++ b/Lib/ensurepip/__init__.py
@@ -10,8 +10,8 @@
 
 __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 03099718b0bcf4f776d916e5a594d9cd0047067e..d6fccd9de92afcbc686f159b9d719ba0ca0d6cab 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 e3b5446eb59cb5ac608742261a3608b412bcff08..123a13e2c6b2543f83a7f0040ad153f8de633558 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 0000000000000000000000000000000000000000..b4cf94310af67f8538c05186fa99408f4efc8f25
--- /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.