Hello,
This is Dr. Papaqako answering your question.
Yes, it is an infection of the hair follicle.
I would recommend to not squeeze it, but help the process of draining only if it starts coming out by itself. When you squeeze it before it is ready, a part of the pus goes deeper, by spreading more in the tissues around.
Also, the body has the capacity to organize, evacuate, and absorb the rest that remains inside, if its a small amount.
If it gets bigger, starts hurting a lot, and you start feeling
fever, it may need to get drained by a simple procedure that makes a cut in its surface. You need to see a doctor to reevaluate the need of it, and do it if necessary.
hope this helps,
Take care.