Is this plagiarism? - Copy paste with reference
As already stated in the comments, this is indeed plagiarism. The additional information provided in the comments makes it more interesting, however.

Plagiarism is a form of scientific misconduct. Being accused of this is quite serious, as it covers such diverse acts as fabricating data and as here, having bad referencing practices. There is a substantial difference between these, and while both practices should be dealt with, perhaps discretion is advisable in a case like this? After all, a reference was made, which makes it a less serious case of plagiarism. My experience with this is limited, but have you considered that reporting it may also reflect badly on you, as it is a comparatively minor malpractice? Perhaps you should run it by any form of local ethics committee you might have as an anonymous case?