Barometric Altitude Calculation

I just noticed that the altitude calculation from the barometric pressure seems to be quite a bit off.
There seems to be around a 10% overestimate of the altitude.

For the max altitude in this plot the GPS Reports 2176m AGL, compared to the Baro.alt at 2437m
If I calculate the altitude from the raw pressure values myself using the barometric formula I get 2265m

Is this intended, or how exactly is the barometric altitude calculated?


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