It can be an ingrown hair, but it could be also bacterial folliculitis.
The bump from an ingrown hair is usually just red, but a hair follicle with bacterial folliculitis usually has a white pus-filled center. Either should go away on its own in ...few weeks. If it is folliculitis, an OTC ointment with the antibiotic mupirocin can speed up healing. If you squeeze it, you can easily spread the infection to a greater area.
