In the short term, there may be other factors you can use to offset that. Informal time off, working conditions, work-paid travel to conferences, etc. They don't increase your salary (which means they're not taxable!), but they can increase your quality of life. Managers often have more ability to affect these things, or get budget to implement them, than they have in raising salaries. In my company, vacation and sick pay are ordained across the board. Even the C level is limited to (admittedly generous) standard levels. That's offset by giving managers broad discretion to grant informal time away - if the work is getting done, take a Friday.
PS - We're being shafted harder than most people know. The Consumer Price Index, the official measure of inflation, was selected to downplay the actual rate of inflation. The official CPI inflation rate is 8% at the moment. If CPI were calculated the same was as in 1980, it would be 15% (http://www.shadowstats.com/alternate_data/inflation-charts). "Additionally, over the past 30 years, the government has changed the way it calculates inflation more than 20 times. These ‘methodological improvements’ to the CPI are said to give a more accurate measure of consumer prices. However, these changes could also be a convenient way to include or exclude certain products that give favorably low results, but there’s no way to know, given the lack of transparency." (https://www.forbes.com/sites/perianneboring/2014/02/03/if-yo...).
The one difference this year was we were also given official talking points on how to gently say "no" to anyone who brought up inflation when they rightfully complained.
Your personal inflation is probably not 15% if you're not buying the exact same bundle of goods you purchased last year. Higher, yes, but if you substitute away or choose other options you're probably not expending exactly 15% more than last year.
It is amazing how money is so tight for raises, while seeming flush with cash while hiring.
Chances are your salary and potential raise was budgeted long before the inflation hit, so a non-merit raise of 5% is not in this year's budget. Unless you have a particularly benevolent organization with funds enough to raise salaries 5% across-the-board it is unlikely that you'll get it. Or, they'll give people cost of living increases, that will pull funds out of the merit raise pool, so no merit raises will be offered, or will be considerably less. They may justify it by saying that inflation hit them too, and everything the company needs to buy to operate got similarly more expensive, so there is no extra money to splash for 5% cost of living increases across the board, and that "we all need to take the hit in the best interest of the company."
And, more cynically, they're getting you 5% cheaper now, so there is not a ton of incentive for them to pay you more, since you'll probably stay, or are easy enough to replace at the same or lower salary.