diff --git a/CHANGELOG.md b/CHANGELOG.md
index b0cafded..00ed14ef 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -30,6 +30,9 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
   APIs for working with arrow arrays differs between the two crates.
   Users who are just using the simple `Field::set_values` method or the various
   `IntoField` / `IntoOptField` traits should not be affected.
+- Bump itertools dependency to 0.14.0
+- Bump thiserror dependency to 2.0.11
+- Bump tracing-serde dependency to 0.2.0
 
 ## [0.5.0] - 2024-09-17
 
diff --git a/crates/grafana-plugin-sdk-macros/Cargo.toml b/crates/grafana-plugin-sdk-macros/Cargo.toml
index ab82c7de..09fabfc1 100644
--- a/crates/grafana-plugin-sdk-macros/Cargo.toml
+++ b/crates/grafana-plugin-sdk-macros/Cargo.toml
@@ -20,7 +20,7 @@ syn = { version = "2.0.18", features = ["full"] }
 grafana-plugin-sdk = { path = "../grafana-plugin-sdk" }
 http = "1.0.0"
 serde = { version = "1.0.164", features = ["derive"] }
-thiserror = "1.0.40"
+thiserror = "2.0.11"
 tokio = { version = "1.28.2", features = ["rt-multi-thread"] }
 trybuild = "1.0.80"
 
diff --git a/crates/grafana-plugin-sdk/Cargo.toml b/crates/grafana-plugin-sdk/Cargo.toml
index f7fff356..e23cb443 100644
--- a/crates/grafana-plugin-sdk/Cargo.toml
+++ b/crates/grafana-plugin-sdk/Cargo.toml
@@ -9,21 +9,21 @@ repository = "https://github.com/grafana/grafana-plugin-sdk-rust"
 description = "SDK for building Grafana backend plugins."
 
 [dependencies]
-arrow = { version = "53.0.0", default-features = false, features = ["ipc"] }
+arrow = { version = "54.2.0", default-features = false, features = ["ipc"] }
 cfg-if = "1.0.0"
 chrono = "0.4.26"
 futures-core = "0.3.28"
 futures-util = "0.3.28"
 grafana-plugin-sdk-macros = { version = "0.5.0", path = "../grafana-plugin-sdk-macros" }
 http = "1.0.0"
-itertools = "0.13.0"
+itertools = "0.14.0"
 num-traits = "0.2.15"
 prost = "0.13.2"
 reqwest_lib = { package = "reqwest", version = "0.12.7", optional = true }
 serde = { version = "1.0.164", features = ["derive"] }
 serde_json = { version = "1.0.96", features = ["float_roundtrip", "raw_value"] }
 serde_with = "3.0.0"
-thiserror = "1.0.40"
+thiserror = "2.0.11"
 time = { version = "0.3.22", features = ["formatting", "macros"] }
 tokio = { version = "1.28.2", features = ["rt-multi-thread"] }
 tokio-stream = { version = "0.1.14", features = ["net"] }
@@ -32,7 +32,7 @@ tonic-health = "0.12.2"
 tracing = "0.1.37"
 tracing-core = "0.1.31"
 tracing-log = "0.2.0"
-tracing-serde = "0.1.3"
+tracing-serde = "0.2.0"
 tracing-subscriber = { version = "0.3.17", features = [
   "env-filter",
   "json",