That's not accurate. CPI adjusts both in basket composition and the more nebulous hedonic quality adjustment. The TV you bought for $500 today is not the same as the one you bought for an equivalent price 30 years ago.
it is actually very interesting to see the variations in CPI baskets.
I recall, for example, when the standard basket in Italy used to contain Sambuca[0], and was updated in the '00s to instead include Limoncello[1] due to changed consumer habits.
