A 4% raise during 3% inflation is really about a 1% raise. See what your raise is worth in real dollars.
Real raise = (1 + raise%) / (1 + inflation%) - 1. A 4% raise with 3% inflation is about a 0.97% real gain.
Nominal is the number on paper; real is what it buys after inflation. Only real gains grow purchasing power.
Roughly the inflation rate itself — enter the current 12-month CPI rate to find your break-even number.