It is a little misleading. Misleading I think should be the correct word choice. It might not be incorrect, but it is misleading.

Another example that comes to mind is the Colorado newspaper headline that crime has "doubled" in the last decade. That leads a person down the train of thought that crime is out of control. In reality, it grew in proportion to the population. The headline, "Crime grows in proportion with population" doesn't evoke gasps and sales of your paper.