diff --git a/CHANGELOG.md b/CHANGELOG.md
index 5ed22c7..fcd0e3c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -7,6 +7,14 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+## [1.2.1] - 2023-01-31
+### Composer
+
+- Changed `php` from `>=8.0` to `>=7.4`.
+Full set of changes: [`1.2.0...1.2.1`][1.2.1]
+
+[1.2.1]: https://github.com/pronamic/wp-http/compare/v1.2.0...v1.2.1
+
 ## [1.2.0] - 2022-12-20
 - Increased minimum PHP version to version `8` or higher.
 - Improved support for PHP `8.1` and `8.2`.
diff --git a/package.json b/package.json
index 3e2eba6..c45e717 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@pronamic/wp-http",
-  "version": "1.2.0",
+  "version": "1.2.1",
   "description": "WordPress HTTP library.",
   "repository": {
     "type": "git",