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Yes.
When you select "Insert" under the "Home" tab, a menu appears to ask whether you want to shift the cells to the right or move them down in relation to the cell that you are adding. The other cells (to the left and/or above the inserted cell) are not affected.

There is also the option to either shift the entire column or row on this menu. Selecting either of these options will more drastically affect the position of the existing cells so you should carefully check your data to make sure that the correct information is still in the correct column/row.

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