It's possible. Have you actually checked the adjustment yet? Do you have any other symptoms? There are a few sensors that can cause fuel economy to deteriorate, so I'd like to make sure you're looking in the right direction.
For instance, the RENIX F/I system uses "Speed Density" to meter fuel against incoming air. Therefore, the MAP and IAT sensors both play a pivotal role in determining air mass - and therefore, fuel mass. The CTS also plays a part in fuel trim - the engine runs a bit richer before it gets to operating temperature. Also, the HEGO sensor failing can cause you to stick in "open loop," which will make fuel mileage worse as well...
MAP = Manifold Absolute Pressure (sensor)
IAT = Intake Air Temperature (sensor)
CTS = Coolant Temperature Sensor. Sometimes also ECT = Engine Coolant Temperature (sensor)
HEGO = Heated Exhaust Gas Oxygen (sensor)