diff --git a/pyproject.toml b/pyproject.toml
index 14751c461d..c5b37836ef 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -36,7 +36,7 @@ dependencies = [
     # Please note:
     # Using any other msgpack version is not supported by Borg development and
     # any feedback related to issues caused by this will be ignored.
-    "msgpack >=1.0.3, <=1.2.2",
+    "msgpack >=1.0.3, <=1.2.3",
     "packaging",
 ]
 
diff --git a/src/borg/helpers/msgpack.py b/src/borg/helpers/msgpack.py
index 9d3405a307..1bbcdd2312 100644
--- a/src/borg/helpers/msgpack.py
+++ b/src/borg/helpers/msgpack.py
@@ -145,7 +145,7 @@ def is_supported_msgpack():
     version_check = os.environ.get('BORG_MSGPACK_VERSION_CHECK', 'yes').strip().lower()
 
     return version_check == 'no' or (
-        (1, 0, 3) <= msgpack.version[:3] <= (1, 2, 2) and
+        (1, 0, 3) <= msgpack.version[:3] <= (1, 2, 3) and
         msgpack.version not in []
     )