diff --git a/CHANGELOG.md b/CHANGELOG.md
index 68755f6..389e074 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -4,7 +4,7 @@ All notable changes to this project will be documented in this file.
 The format is based on [Keep a Changelog](http://keepachangelog.com/)
 and this project adheres to [Semantic Versioning](http://semver.org/).
 
-## [0.4.14] - 2024-01-05
+## [0.5.0] - 2024-01-05
 
 - Update most dependencies with major version updates to pandas (1->2), pydantic (1->2)
 - Drop support for Python 3.8
diff --git a/pyproject.toml b/pyproject.toml
index afce654..6df785c 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,6 +1,6 @@
 [tool.poetry]
 name = "py-irt"
-version = "0.4.14"
+version = "0.5.0"
 readme = "README.md"
 homepage = "https://github.com/nd-ball/py-irt/"
 description = "Bayesian IRT models in Python"