It could be an ingrown hair. get a miorror and see if you see a hair in the middle. or it could be a pimple.
Sight unseen, it's hard to say. Is it just a red spot, with no bump? Then, perhaps it's a razor burn/ rash from shaving too close, which might also cause itchiness. If there's a distinctive bump beneath the red area, then it's possibly an ingrown hair.