diff --git a/cost-analyzer/values.yaml b/cost-analyzer/values.yaml
index c94cc9592..3c98902fb 100644
--- a/cost-analyzer/values.yaml
+++ b/cost-analyzer/values.yaml
@@ -853,7 +853,7 @@ prometheus:
       rollingUpdate: null
     image:
       repository: quay.io/prometheus/prometheus
-      tag: v3.0.1
+      tag: v3.1.0
       pullPolicy: IfNotPresent
     priorityClassName: ""
     prefixURL: ""