Good news! I can afford to get dressed.

Phew. Boy am I relieved. I can barely afford to fill up my gas tank, the cost of putting dinner on the table is skyrocketing, and home prices are still totally out of my reach. But at least I can afford to get dressed!

Mainstream clothing prices have dropped over the past 10 years, according to a story in the New York Times. Luxury brands like Gucci and Prada are still rising, but those labels are priced in another stratosphere anyway.

"As consumers adjust to soaring prices for gasoline, food, education and medical care, just about the only thing that seems a bargain today is clothes - mainstream clothes, anyway," the story says.

The deflation of clothes is due to manufacturing going overseas and competition between retailers. Think of all the low-budget retailers out there: H&M, Target, Forever21, Ross, Kmart, Aeropostale, Gap, American Eagle, The Express, Charlotte Russe, Costco, Hot Topic, Kohl's, JC Penney, Mervyns, The Limited, Loehmann's, Marshalls, Old Navy, Sam's Club, Sears, Stein Mart, Neiman Marcus. Whaa? (Just checking if you are still paying attention.)

From 1998 to 2008 a pair of Levi's 501 Jeans has dropped from $50 to $46, a Lacoste Polo shirt has fell from $95 to $75 and Joe Boxer briefs have slipped from $17 to $9. But don't expect clothing prices to get any cheaper, says Bud Konheim, chief executive of Nicole Miller. "I think we've exploited all the countries on earth for people who really want to work for nothing."