> create table mytable (text varchar(200)) engine=InnoDB;

   +-------+---------------+------+-----+---------+-------+
   | Field | Type          | Null | Key | Default | Extra |
   +-------+---------------+------+-----+---------+-------+
   | text  | varchar(2000) | YES  |     | NULL    |       |
   +-------+---------------+------+-----+---------+-------+

import _mysql
  import time

  con = _mysql.connect('localhost', 'root', 'root', 'mydb')

  stop = time.time()+1

  while time.time() < stop:    # runs loop for 1 sec
      con.query("INSERT into mytable VALUES('Test Data')")

1. Tried to run the loop in 1 transaction.
2. Tried LOAD DATA INFILE 'new.txt' INTO TABLE mytable

import MySQLdb as mdb
import time

#open file to insert data from
#should be present in /var/lib/mysql/my_db folder
file=open("new.txt")
data = file.read()

#Credentials to connect to Server Database
host = “localhost″
username = “username”
password = “password”
db_name = “database_name”
con=mdb.connect(host,username,password,db_name)

cur = con.cursor()

#setting time for 1 second
stop = time.time()+1

#loop running for 1 second and insert values
count=0
while time.time() < stop:
    if cur.execute("LOAD DATA INFILE 'new.txt' INTO TABLE mytable"): count=count+1

#commit transaction
con.commit()

#print number of rows inserted
print count