Genuine question: would you have felt better with a 1% raise?
In 2010 I was working in the UK and we had about 5% inflation that year (or so). I got a 2% raise, and found that more insulting than if they had given no raise; even though objectively any positive raise is better than no raise.
I've been living in London and the inflation is just as bad there as back in the US. I'm American working for a US company that just raised a huge Series B. They have the money, so I expected at least 3%. I didn't expect a 10%+, but at _least_ something.
In 2010 I was working in the UK and we had about 5% inflation that year (or so). I got a 2% raise, and found that more insulting than if they had given no raise; even though objectively any positive raise is better than no raise.