If you don't mind importing the numpy package, it has a lot of convenient functionality built in. It's likely to be much more efficient to use their data structures than lists of lists, etc.
from __future__ import division
import numpy
data = numpy.asarray([1,2,3,4,5])
dists = data.reshape((1,5)) / data.reshape((5,1))
print dists
which = dists.argmin()
(r,c) = (which // 5, which % 5) # assumes C ordering
# pick whichever is most appropriate for you...
minval = dists[r,c]
minval = dists.min()
minval = dists.ravel()[which]