In [2]: min(data, key = lambda t: t[1])
Out[2]: (5, 0.01)
or:
In [3]: import operator
In [4]: min(data, key=operator.itemgetter(1))
Out[4]: (5, 0.01)
In [2]: min(data, key = lambda t: t[1])
Out[2]: (5, 0.01)
or:
In [3]: import operator
In [4]: min(data, key=operator.itemgetter(1))
Out[4]: (5, 0.01)