Hi,
$200 is a < 1% raise for $70,000 salary annually. That's a pretty low raise even for a cost of living boost.
In reality though, there's still not enough information to give you a truly objective answer. One should also consider the benefits you receive at your position (sick leave, vacation time, bonuses, holidays, insurance, retirement, etc. - this adds to your total compensation), what type of position you are in (government vs privately-owned - your employer might be restricted in how much they are able to raise your salary), what your raise reflects, and whether or not your salary meets your needs.
The best thing for you to do to get an answer to your question is to sit down with your boss and ask them what the raise reflects. It might also be useful for you to "shop around" and see what other salaries for similar positions are like in your area. If you feel like you are not getting paid what you are worth, you might be able to use this as a negotiation tactic.
If you are curious about what others are making on this forum, there is a thread dedicated to just that:
2022 EB Salary Survey