Last years inflation was 10% in my country. I only got 3% raise because having higher raise would "increase inflation". I'm still able to afford my lifestyle but I don't have the same from 4 years ago.
You only got 3% because you were not able or willing to find a buyer to give you more than 3%. Any other reason is just the buyer being polite.
Obviously, this works both ways too.
This is a conversation about America, not your country.