I can't speak for the OP, but, in my career I've consistently ask for and received year raises a few percent above CPI. Twice I've been denied and found a new employeer. As the OP said, if you're not at minimum getting a CPI raise, you're doing the same work for less money, effectively a demotion.

For the last decade tech has been hiring like crazy and jump jobs has been easy. I can't speak for how that will change going forward, but it does concern me.