Oh, something else to add to the topic besides altitude effecting boost pressure is the barometric pressure, temperature and the realitive density of the air.
On extremely hot days with a low pressure front coming through (very typical down here in FL when in hurricane season), i have noticed loses of boost pressure and significant power looses.
Any lose in atmospheric pressure will equal the same lose in boost pressure and now add in the hot temperature and you end up with a lower realitve density and there is the significant lose in power being that the absolute density entering the motor along with the fuel is where the power comes from.
Humidity plays into it also, but only on the power aspect, not the boost pressure itself.
All in all though, besides all that, if the boost was fine one day and then all of a sudden has droped, there is either a boost leak, a problem with the turbo, and problem with the motor, problem with the trans (if auto) or possibly a slipping clutch if it is a manual trans.