Facebook HR also got the same question (with the same answer) in the company-wide forum this week. Did I miss some big news story that’s causing this to be on everybody’s mind recently?
It isn't one specific thing. It is just an entire year of shortages and higher prices with no end in sight. I was promoted and received a decent raise this year. With previous raises outside the standard yearly raise, there was a difference. With this one, just treading water.