Yes, that's an ingrowing hair. These can cause spots/pimples. Nothing serious to worry about here.
As younggrandmother says, waxing can be better on this front, although you can still get the occasional ingrown hair. The other advantage of waxing is that it takes much longer to start growing back, and when it does it isn't so sharp and stiff and stubbly. On the other hand, it does hurt. Some women find the pain perfectly tolerable, for others it's too much.
I think you have a ingrown hair . Try waxing next time.