The functionality provided by RRDTool fits my requirement. Initially I found a Python library https://pypi.python.org/pypi/python-rrdtool/ and misunderstood the nature of integration. I thought it was executing the binary of RRDTool as a separate process but the documentation says that this is a proper Python accessible wrapper that invokes the functionality in the same process space.
Later on I found this (https://pypi.python.org/pypi/PyRRD) Python library that wraps RRDTool functionality in a more pythonic OOPS kind of fashion that I found comfortable working with. The documentation available on the link page was good so I faced no roadblocks in using it.
This link (http://www.vandenbogaerdt.nl/rrdtool/tutorial/rrdcreate.php) was helpful in figuring out how to configure the RRD database during creation.