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The phrase "increasing annually" is correct and usable in written English.
It can be used to describe something that grows in size, frequency, or magnitude each year. For example, "The company's profits have been increasing annually for the past five years."
Exact(60)
The 1970-2010 annuale annual income for Botswana citizens has been increasing annually by 6.3percentt, compared to high-income countries averaging annual growth of approximately 1.8percentt for the same 40-year period.
And these numbers are increasing annually at an alarming rate.
Maritime activity is increasing annually, and close calls that place people and the environment in extreme peril have become routine.
And it did: tax reductions, eased payment instalment procedures, and more for companies with turnovers of $10m, increasing annually to $100m in 2020.
Even as governments in almost every industrialized country mandate steep cuts in drug prices, American consumers are paying among the highest prices in the world, and those prices are increasing annually.
A £300 tax would be placed on new cars, increasing annually until it reaches £3,300 by 2020, while a fuel "escalator" would be introduced to increase petrol duties by 10% per annum.
"However, even without this surge in buy-to-let activity, house prices are still increasing annually at a rate that sits well above any rise in average earnings, making our housing market even less affordable as each month goes by".
BART negotiators are asking workers to start pension contributions, with the share increasing annually over a four-year contract; they are offering a 9 percent pay raise over four years.
Biodiesel production is increasing annually.
Globally, motorcycle road accidents are increasing annually.
This number keeps increasing annually with the increase of urbanization.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com