Display a label

    lbl_label1 = Label(root, text = "My text")
    lbl_label1.place(x=5, y=370)

Setting properties

//Background
    lbl_label1 = Label(root, text = "My text", bg="white")
//Border
    borderwidth=2, relief="groove"
//Width
    width=20,
//Font
    font=('', 18, 'bold')    #'normal', 'bold', etc

//Using multiple lines to make code easy to read
    lbl_label1 = Label(root,
                       text = "My text",
                       font=('', 18, 'bold'))    #'normal', 'bold', etc
    lbl_label1.place(x=5, y=370)

Update label text

#Make it global
    global lbl_label1

    lbl_label1.configure(text = "New text")

Multi line

Just use the \n newline character.
You’ll need to set anchor and justify if you want the text aligned left (defaults to center).

Align

lbl_my_label = Label(root, text = "My text", anchor="nw", justify="left")

anchor – Values n, ne, e, se, s, sw, w, nw, or center. For example, nw means display the information such that its top-left corner is at the top-left corner of the widget.

justify – When there are multiple lines of text displayed, one of left, center, or right.