I didn't think so.
Early in your career, your market value increases so fast that there's simply no way a percentage raise can keep up.
I remember a situation at my 2nd job after college, where I knew that I was worth almost double what they were paying me. I told them as much and laid out the case as to why. They bent over backward and scraped together something like a 20% raise, which they probably thought was pretty good.
Of course, on top of a junior dev salary it was still way out of line with what I should have been at. I polished up the resume and within a couple weeks I accepted an offer for roughly double my pre-raise salary. At my exit interview I told them how much I loved working there (it really was the best job I ever had), but I just couldn't afford to leave that much on the table.
It was probably the smartest career move I could have made, and it really drove home the point: You don't adjust your salary through raises in this industry. If you want to be paid what you deserve, you need to switch jobs.