This is common. They will pay you with what they can get away with. Otherwise, at most companies you'll be lucky to get a COL increase, especially given when inflation is kicking our ass now.
Your only option at that point is to make moves to leave or get a change in title. The company isn't going to pay you more than they have to if you give them the impression they can get away with it. They are a business so it makes sense. This is why you dont give these companies your life and act like you owe them something.
If they value you, they will come back with a counter offer once you tell them you are leaving. This happened with my girl recently. Manager told her before her yearly review she was going to get a major raise, and then came to her with a measely 4% increase while inflation is between 7 and 9 percent. So she bounced and then they want to offer her almost a 20% increase in salary to join a different project and different title. Told them to kick rocks and got paid more going elsewhere.