hi..thanks for your query
The bump you have may be due to an infection of the hair follicle in the region.It is known as folliculitis
.You can apply a topical antibiotic
cream like Mupirocin
twice daily for 5-7 days.It is important not to touch or squeeze out the contents .In certain cases , Oral anti biotics may be required.
In order to relieve the itching sensation, it is advisable to take oral anti histaminic tabs like Allegra rather than touching them.
Hope this helps..Take care!