diff --git a/.yarn/cache/prettier-npm-2.6.2-05918420da-48d08dde8e.zip b/.yarn/cache/prettier-npm-2.6.2-05918420da-48d08dde8e.zip
deleted file mode 100644
index ccea8d9dbe8a..000000000000
Binary files a/.yarn/cache/prettier-npm-2.6.2-05918420da-48d08dde8e.zip and /dev/null differ
diff --git a/.yarn/cache/prettier-npm-2.7.1-d1f40f5e1a-55a4409182.zip b/.yarn/cache/prettier-npm-2.7.1-d1f40f5e1a-55a4409182.zip
new file mode 100644
index 000000000000..88545f91aa02
Binary files /dev/null and b/.yarn/cache/prettier-npm-2.7.1-d1f40f5e1a-55a4409182.zip differ
diff --git a/config/eslint-config-carbon/package.json b/config/eslint-config-carbon/package.json
index 887eedd2a918..b5fdf94ff3ac 100644
--- a/config/eslint-config-carbon/package.json
+++ b/config/eslint-config-carbon/package.json
@@ -48,6 +48,6 @@
     "eslint-restricted-globals": "^0.2.0"
   },
   "devDependencies": {
-    "prettier": "^2.6.2"
+    "prettier": "^2.7.1"
   }
 }
diff --git a/config/prettier-config-carbon/package.json b/config/prettier-config-carbon/package.json
index ec49234355aa..fa050ffac286 100644
--- a/config/prettier-config-carbon/package.json
+++ b/config/prettier-config-carbon/package.json
@@ -24,6 +24,6 @@
     "prettier": "^2.1.0"
   },
   "devDependencies": {
-    "prettier": "^2.6.2"
+    "prettier": "^2.7.1"
   }
 }
diff --git a/config/stylelint-config-carbon/package.json b/config/stylelint-config-carbon/package.json
index 23886b5aae74..54a8da58933e 100644
--- a/config/stylelint-config-carbon/package.json
+++ b/config/stylelint-config-carbon/package.json
@@ -37,7 +37,7 @@
     "stylelint-scss": "^4.1.0"
   },
   "devDependencies": {
-    "prettier": "^2.6.2",
+    "prettier": "^2.7.1",
     "stylelint": "^14.3.0"
   }
 }
diff --git a/package.json b/package.json
index 614273304bbf..5852cf9cbeb4 100644
--- a/package.json
+++ b/package.json
@@ -19,8 +19,8 @@
     "ci-check": "carbon-cli ci-check",
     "clean": "lerna run clean && lerna clean --yes && rimraf node_modules",
     "doctoc": "doctoc --title '## Table of Contents'",
-    "format": "prettier --write '**/*.{js,md,scss,ts}' '!**/{build,es,lib,storybook,ts,umd}/**'",
-    "format:diff": "prettier --list-different '**/*.{js,md,scss,ts}' '!**/{build,es,lib,storybook,ts,umd}/**' '!packages/components/**'",
+    "format": "prettier --cache --write '**/*.{js,md,scss,ts}' '!**/{build,es,lib,storybook,ts,umd}/**'",
+    "format:diff": "prettier --cache --list-different '**/*.{js,md,scss,ts}' '!**/{build,es,lib,storybook,ts,umd}/**' '!packages/components/**'",
     "lint": "eslint actions config packages www",
     "lint:styles": "stylelint '**/*.{css,scss}' --report-needless-disables --report-invalid-scope-disables",
     "sync": "carbon-cli sync",
@@ -69,7 +69,7 @@
     "lerna": "^4.0.0",
     "lint-staged": "^13.0.0",
     "node-gyp": "^7.1.2",
-    "prettier": "^2.6.2",
+    "prettier": "^2.7.1",
     "react": "^17.0.2",
     "react-dom": "^17.0.2",
     "rimraf": "^3.0.0",
diff --git a/packages/cli/package.json b/packages/cli/package.json
index dd9a45682351..63de49697f19 100644
--- a/packages/cli/package.json
+++ b/packages/cli/package.json
@@ -42,7 +42,7 @@
     "klaw-sync": "^6.0.0",
     "lodash.template": "^4.5.0",
     "markdown-toc": "^1.2.0",
-    "prettier": "^2.6.2",
+    "prettier": "^2.7.1",
     "prettier-config-carbon": "^0.7.0",
     "progress-estimator": "^0.3.0",
     "remark": "^10.0.1",
diff --git a/packages/icon-build-helpers/package.json b/packages/icon-build-helpers/package.json
index a8a280c13855..6d0c317b8e03 100644
--- a/packages/icon-build-helpers/package.json
+++ b/packages/icon-build-helpers/package.json
@@ -40,7 +40,7 @@
     "js-yaml": "^3.12.1",
     "klaw-sync": "^6.0.0",
     "memfs": "^3.4.0",
-    "prettier": "^2.6.2",
+    "prettier": "^2.7.1",
     "prop-types": "^15.6.2",
     "react": "^16.6.0",
     "react-dom": "^16.6.0",
diff --git a/packages/icons-vue/package.json b/packages/icons-vue/package.json
index f5cd03e2e1dc..ea39961ddb24 100644
--- a/packages/icons-vue/package.json
+++ b/packages/icons-vue/package.json
@@ -34,7 +34,7 @@
     "@carbon/cli-reporter": "^10.5.0",
     "@carbon/icons": "^11.7.0",
     "fs-extra": "^10.0.0",
-    "prettier": "^2.6.2",
+    "prettier": "^2.7.1",
     "rimraf": "^3.0.0",
     "rollup": "^2.46.0",
     "vue": "^2.6.8"
diff --git a/packages/scss-generator/package.json b/packages/scss-generator/package.json
index f76841a2697a..8dc48975e8ef 100644
--- a/packages/scss-generator/package.json
+++ b/packages/scss-generator/package.json
@@ -23,6 +23,6 @@
     "access": "public"
   },
   "dependencies": {
-    "prettier": "^2.6.2"
+    "prettier": "^2.7.1"
   }
 }
diff --git a/packages/test-utils/package.json b/packages/test-utils/package.json
index bafe7a9d54c9..aeefcabf20a3 100644
--- a/packages/test-utils/package.json
+++ b/packages/test-utils/package.json
@@ -25,7 +25,7 @@
     "react-dom": "^16.9.0 || ^17.0.1"
   },
   "dependencies": {
-    "prettier": "^2.6.2",
+    "prettier": "^2.7.1",
     "react": "^17.0.1",
     "resolve": "^1.12.0",
     "sass": "^1.51.0",
diff --git a/yarn.lock b/yarn.lock
index 840cc8e26e50..ad0b28aec267 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -1904,7 +1904,7 @@ __metadata:
     klaw-sync: ^6.0.0
     lodash.template: ^4.5.0
     markdown-toc: ^1.2.0
-    prettier: ^2.6.2
+    prettier: ^2.7.1
     prettier-config-carbon: ^0.7.0
     progress-estimator: ^0.3.0
     remark: ^10.0.1
@@ -2004,7 +2004,7 @@ __metadata:
     js-yaml: ^3.12.1
     klaw-sync: ^6.0.0
     memfs: ^3.4.0
-    prettier: ^2.6.2
+    prettier: ^2.7.1
     prop-types: ^15.6.2
     react: ^16.6.0
     react-dom: ^16.6.0
@@ -2049,7 +2049,7 @@ __metadata:
     "@carbon/icon-helpers": ^10.32.0
     "@carbon/icons": ^11.7.0
     fs-extra: ^10.0.0
-    prettier: ^2.6.2
+    prettier: ^2.7.1
     rimraf: ^3.0.0
     rollup: ^2.46.0
     vue: ^2.6.8
@@ -2199,7 +2199,7 @@ __metadata:
   version: 0.0.0-use.local
   resolution: "@carbon/scss-generator@workspace:packages/scss-generator"
   dependencies:
-    prettier: ^2.6.2
+    prettier: ^2.7.1
   languageName: unknown
   linkType: soft
 
@@ -2262,7 +2262,7 @@ __metadata:
   version: 0.0.0-use.local
   resolution: "@carbon/test-utils@workspace:packages/test-utils"
   dependencies:
-    prettier: ^2.6.2
+    prettier: ^2.7.1
     react: ^17.0.1
     react-dom: ^16.9.0
     resolve: ^1.12.0
@@ -10712,7 +10712,7 @@ __metadata:
     lerna: ^4.0.0
     lint-staged: ^13.0.0
     node-gyp: ^7.1.2
-    prettier: ^2.6.2
+    prettier: ^2.7.1
     react: ^17.0.2
     react-dom: ^17.0.2
     rimraf: ^3.0.0
@@ -14641,7 +14641,7 @@ __metadata:
     eslint-plugin-react-hooks: ^4.2.0
     eslint-plugin-storybook: ^0.6.0
     eslint-restricted-globals: ^0.2.0
-    prettier: ^2.6.2
+    prettier: ^2.7.1
   peerDependencies:
     eslint: ^6.0.0 || ^7.0.0
   languageName: unknown
@@ -25480,7 +25480,7 @@ fsevents@^1.2.7:
   version: 0.0.0-use.local
   resolution: "prettier-config-carbon@workspace:config/prettier-config-carbon"
   dependencies:
-    prettier: ^2.6.2
+    prettier: ^2.7.1
   peerDependencies:
     prettier: ^2.1.0
   languageName: unknown
@@ -25504,12 +25504,12 @@ fsevents@^1.2.7:
   languageName: node
   linkType: hard
 
-"prettier@npm:^2.6.2":
-  version: 2.6.2
-  resolution: "prettier@npm:2.6.2"
+"prettier@npm:^2.7.1":
+  version: 2.7.1
+  resolution: "prettier@npm:2.7.1"
   bin:
     prettier: bin-prettier.js
-  checksum: 48d08dde8e9fb1f5bccdd205baa7f192e9fc8bc98f86e1b97d919de804e28c806b0e6cc685e4a88211aa7987fa9668f30baae19580d87ced3ed0f2ec6572106f
+  checksum: 55a4409182260866ab31284d929b3cb961e5fdb91fe0d2e099dac92eaecec890f36e524b4c19e6ceae839c99c6d7195817579cdffc8e2c80da0cb794463a748b
   languageName: node
   linkType: hard
 
@@ -29540,7 +29540,7 @@ resolve@^2.0.0-next.3:
   version: 0.0.0-use.local
   resolution: "stylelint-config-carbon@workspace:config/stylelint-config-carbon"
   dependencies:
-    prettier: ^2.6.2
+    prettier: ^2.7.1
     stylelint: ^14.3.0
     stylelint-a11y: ^1.2.3
     stylelint-config-idiomatic-order: ^8.1.0