You can use the Python profiler cProfile to measure CPU time and additionally how much time is spent inside each function and how many times each function is called. This is very useful if you want to improve performance of your script without knowing where to start. This answer to another Stack Overflow question is pretty good. It's always good to have a look in the documentation too.
Here's an example how to profile a script using cProfile from a command line:
$ python -m cProfile euler048.py
1007 function calls in 0.061 CPU seconds
Ordered by: standard name
ncalls tottime percall cumtime percall filename:lineno(function)
1 0.000 0.000 0.061 0.061 <string>:1(<module>)
1000 0.051 0.000 0.051 0.000 euler048.py:2(<lambda>)
1 0.005 0.005 0.061 0.061 euler048.py:2(<module>)
1 0.000 0.000 0.061 0.061 {execfile}
1 0.002 0.002 0.053 0.053 {map}
1 0.000 0.000 0.000 0.000 {method 'disable' of '_lsprof.Profiler objects}
1 0.000 0.000 0.000 0.000 {range}
1 0.003 0.003 0.003 0.003 {sum}