Stock keeping Spreadsheet

I hope you guys can help, I used excel loads about 7 years ago and seemed to have forgotten everything in the meantime!!

My wife has a small shop and I am trying to set up an easy spreadsheet to monitor stock etc.

I have used Data Validation to produce a drop-down list of stock in say column A.

I want the sheet to automatically fill in the adjacent cell with the price of the item.

In other words I select Bunting in A1 and B1 should automatically drop in £8.50.

Is this possible?

thanks in advance!!

jon

Thanks to both of you that replied, it's really helpful and very much appreciated!

Jon