Functions dealing with text like label, title, etc. accept parameters same as matplotlib.text.Text. For the font size you can use size/fontsize:
from matplotlib import pyplot as plt
fig = plt.figure()
plt.plot(data)
fig.suptitle('test title', fontsize=20)
plt.xlabel('xlabel', fontsize=18)
plt.ylabel('ylabel', fontsize=16)
fig.savefig('test.jpg')
For globally setting title and label sizes, mpl.rcParams contains axes.titlesize and axes.labelsize. (From the page):
axes.titlesize : large # fontsize of the axes title
axes.labelsize : medium # fontsize of the x any y labels
(As far as I can see, there is no way to set x and y label sizes separately.)
And I see that axes.titlesize does not affect suptitle. I guess, you need to set that manually.