Thorns: 102% * Angler Fish 1.02 = 103%? Hmmmmm...

My Thorns was sitting pretty at 102%.

Then I picked up the Angler Fish relic, which has a stated value "Increase thorns by 2%" which should be about a 2% boost for a total of 104%.

Yet, I'm only squeezing 103% out, post relic. What am I missing?