Individual prefix in profile does not appear in email

When confirmation emails are enabled in CiviEvent and the individual's prefix is part of a profile - the prefix does not show up in the email.

Example from a fresh install:
Add the 'Individual prefix' field to the 'Your Registration Info' profile.
Set up an event to use this profile (which should be the default anyway).
Turn on email confirmation.
Book the event.
The title field shows up as blank in the confirmation email (see attached screenshot).