Information Auto-Fill

Firstly, I apologise if this is a simple question with an obvious answer. I also apologise if it has been asked before. I just didn't know what to search for.

After my last thread I have managed to build a suitable template to work from. Unfortunately most of my information that I'm entering is still in a small spiral notepad or on a supermarket website.
What I want to do is build up a small database on the computer, in excel if possible. So that when I enter plain flour, the gross cost and weight plus it's common unit of measurement is entered into the relevant cells on the template. Basically saving me time going through all my files.
Also if the products price changes at anytime, I can enter that information in the database and the relevant recipes are automatically updated.

Is this possible?