First you need to parse your string, then you need to have a proper dictionary in order to map the founded operators to their equivalent functions, which you can use operator
module for this aim:
In [54]: from operator import add
In [55]: operators = {'+': add} # this is an example, if you are dealing with more operations you need to add them to this dictionary
In [56]: def evaluate(formula, data):
a, op, b = re.match(r'{(\w)} (\W) {(\w)}', formula).groups()
op = operators[op]
a, b = data[a], data[b]
return op(a, b)
....:
In [57]: evaluate(formula, data)
Out[57]: 7