diff --git a/pyproject.toml b/pyproject.toml
index 58527d27d5..c8c82ef8e0 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -32,7 +32,7 @@ license-files = ["LICENSE", "AUTHORS"]
 dependencies = [
   "borghash ~= 0.2.0",
   "borgstore[rest,blake3] ~= 0.7.0",
-  "msgpack >=1.0.3, <=1.2.3",
+  "msgpack >=1.0.3, <=1.2.4",
   "packaging",
   "platformdirs >=3.0.0, <5.0.0; sys_platform == 'darwin'",  # for macOS: breaking changes in 3.0.0.
   "platformdirs >=2.6.0, <5.0.0; sys_platform != 'darwin'",  # for others: 2.6+ works consistently.
diff --git a/src/borg/helpers/msgpack.py b/src/borg/helpers/msgpack.py
index d1b802ec42..0e44df7d5d 100644
--- a/src/borg/helpers/msgpack.py
+++ b/src/borg/helpers/msgpack.py
@@ -219,7 +219,7 @@ def is_supported_msgpack():
 
     if msgpack.version in []:  # < add bad releases here to deny list
         return False
-    return (1, 0, 3) <= msgpack.version[:3] <= (1, 2, 3)
+    return (1, 0, 3) <= msgpack.version[:3] <= (1, 2, 4)
 
 
 def get_limited_unpacker(kind):