You probably don't need this anymore, but this is what I did for a similar problem. (It looks longer than it is because of the comments.)
itemList = ['hi', 'hi', 'hello', 'bye']
counter = {}
maxItemCount = 0
for item in itemList:
try:
# Referencing this will cause a KeyError exception
# if it doesn't already exist
counter[item]
# ... meaning if we get this far it didn't happen so
# we'll increment
counter[item] += 1
except KeyError:
# If we got a KeyError we need to create the
# dictionary key
counter[item] = 1
# Keep overwriting maxItemCount with the latest number,
# if it's higher than the existing itemCount
if counter[item] > maxItemCount:
maxItemCount = counter[item]
mostPopularItem = item
print mostPopularItem