diff --git a/package-lock.json b/package-lock.json
index 9089bd88..55826f36 100644
--- a/package-lock.json
+++ b/package-lock.json
@@ -52,7 +52,7 @@
         "@edx/browserslist-config": "^1.1.1",
         "@edx/frontend-build": "12.8.10",
         "@edx/reactifex": "1.1.0",
-        "babel-plugin-formatjs": "10.4.0",
+        "babel-plugin-formatjs": "10.5.0",
         "enzyme": "3.11.0",
         "enzyme-adapter-react-16": "1.15.7",
         "eslint-plugin-import": "2.27.5",
@@ -3786,9 +3786,9 @@
       }
     },
     "node_modules/@formatjs/icu-messageformat-parser": {
-      "version": "2.3.0",
-      "resolved": "https://registry.npmjs.org/@formatjs/icu-messageformat-parser/-/icu-messageformat-parser-2.3.0.tgz",
-      "integrity": "sha512-xqtlqYAbfJDF4b6e4O828LBNOWXrFcuYadqAbYORlDRwhyJ2bH+xpUBPldZbzRGUN2mxlZ4Ykhm7jvERtmI8NQ==",
+      "version": "2.3.1",
+      "resolved": "https://registry.npmjs.org/@formatjs/icu-messageformat-parser/-/icu-messageformat-parser-2.3.1.tgz",
+      "integrity": "sha512-knF2AkAKN4Upv4oIiKY4Wd/dLH68TNMPgV/tJMu/T6FP9aQwbv8fpj7U3lkyniPaNVxvia56Gxax8MKOjtxLSQ==",
       "dev": true,
       "dependencies": {
         "@formatjs/ecma402-abstract": "1.14.3",
@@ -8102,9 +8102,9 @@
       }
     },
     "node_modules/babel-plugin-formatjs": {
-      "version": "10.4.0",
-      "resolved": "https://registry.npmjs.org/babel-plugin-formatjs/-/babel-plugin-formatjs-10.4.0.tgz",
-      "integrity": "sha512-m9heKeKjINsaL20RPrZ7bqvB298WPJOOVRB0AdTtXHs9MOWkXYx89YdJRu/L6dgj7IGg09OG7OZXIvlYGVBPLg==",
+      "version": "10.5.0",
+      "resolved": "https://registry.npmjs.org/babel-plugin-formatjs/-/babel-plugin-formatjs-10.5.0.tgz",
+      "integrity": "sha512-LEitfIZYyVIDJQpfdoff2fHS4AFdDqR36ajb+8L+vA5RrWwG1D96jLHJ5R7D1JvoLGKD57TY89Cr7jwBkeFCNw==",
       "dev": true,
       "dependencies": {
         "@babel/core": "^7.10.4",
@@ -8112,8 +8112,8 @@
         "@babel/plugin-syntax-jsx": "7",
         "@babel/traverse": "7",
         "@babel/types": "^7.12.11",
-        "@formatjs/icu-messageformat-parser": "2.3.0",
-        "@formatjs/ts-transformer": "3.12.0",
+        "@formatjs/icu-messageformat-parser": "2.3.1",
+        "@formatjs/ts-transformer": "3.13.0",
         "@types/babel__core": "^7.1.7",
         "@types/babel__helper-plugin-utils": "^7.10.0",
         "@types/babel__traverse": "^7.1.7",
@@ -8121,18 +8121,18 @@
       }
     },
     "node_modules/babel-plugin-formatjs/node_modules/@formatjs/ts-transformer": {
-      "version": "3.12.0",
-      "resolved": "https://registry.npmjs.org/@formatjs/ts-transformer/-/ts-transformer-3.12.0.tgz",
-      "integrity": "sha512-/jEpXcqA6y/vdijgkxSoKGfkGR5VcClJeI8hnpJ2PBCHfrc4ywFMyoZqRAakKW3IJVttaDo7mGvBAIDxV1F4Qg==",
+      "version": "3.13.0",
+      "resolved": "https://registry.npmjs.org/@formatjs/ts-transformer/-/ts-transformer-3.13.0.tgz",
+      "integrity": "sha512-TshsXkt2loK2GWFJFYTrlNThfCd4ubcEpokl9FWzGoR5f5e2FOxDPs69nTqw+7jodlKtx4VaTSfpNMtPvD9ZfQ==",
       "dev": true,
       "dependencies": {
-        "@formatjs/icu-messageformat-parser": "2.3.0",
+        "@formatjs/icu-messageformat-parser": "2.3.1",
         "@types/json-stable-stringify": "^1.0.32",
         "@types/node": "14 || 16 || 17",
         "chalk": "^4.0.0",
         "json-stable-stringify": "^1.0.1",
         "tslib": "^2.4.0",
-        "typescript": "^4.7"
+        "typescript": "^4.7 || 5"
       },
       "peerDependencies": {
         "ts-jest": ">=27"
diff --git a/package.json b/package.json
index 1d4deb53..132842ae 100644
--- a/package.json
+++ b/package.json
@@ -75,7 +75,7 @@
     "@edx/browserslist-config": "^1.1.1",
     "@edx/frontend-build": "12.8.10",
     "@edx/reactifex": "1.1.0",
-    "babel-plugin-formatjs": "10.4.0",
+    "babel-plugin-formatjs": "10.5.0",
     "enzyme": "3.11.0",
     "enzyme-adapter-react-16": "1.15.7",
     "eslint-plugin-import": "2.27.5",