accurately measure time python function takes

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I need to measure the time certain parts of my program take (not for debugging but as a feature in the output). Accuracy is important because the total time will be a fraction of a second.

I was going to use the time module when I came across timeit, which claims to avoid a number of common traps for measuring execution times. Unfortunately it has an awful interface, taking a string as input which it then eval's.

So, do I need to use this module to measure time accurately, or will time suffice? And what are the pitfalls it refers to?

Thanks

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