Yes, you can do what you want to do with Monarch. In fact, you might say that Monarch excels /Iat this sort of thing.
You'll want to create a kind of master list of SKUs and the relevant average values that you want to track for each SKU. Store this in an .xlsx file and you'll be able to track more than a million SKUs in a single table. Use an Access database table if you need more than that. Of course you'll want to use Monarch to build that master list for you in whatever format you choose.
Now in your current year model/project add an external lookup to the master list to bring in the related values that you need. At that point you can use summaries to analyze the data any which way you want.
Keep in mind that you can use multiple lookup keys if necessary, but generally when working with SKU fields a single key is all that's required.
Does this help to move you ahead?