Inflation is just one factor in your comp, and not the most meaningful. Some companies are thinking about inflation for employee compensation and some aren’t,

Inflation is just one factor in your comp, and not the most meaningful. Some companies are thinking about inflation for employee compensation and some aren’t, their revenues are also affected different ways, but this is not really your concern. The main question for you is whether you are underpaid overall and could get more elsewhere in absolute terms. If so then you have leverage, if not you can still bluff but it’s a dangerous game that depends primarily on management’s perception of your value (so don’t overindex on your internal monologue). The other piece is equity, and the detail you’ve given here is insufficient. Total new hire grants are irrelevant, the question is how much are you vesting annually and where is the stock trending compared to other companies you could work for. Of course there are other factors like how you much you enjoy the environment and work, but the important thing is to consider the holistic situation and not get hung up on a narrative about inflation which is at best an excuse papering over broader feelings you are experiencing.