Access Denied for User root localhost using password YES - No Privileges

Question

I use MySQL Workbench and I continuously get this error. The root@127.0.0.1 apparently has a lot of access but, I am logged in like that, but it just assigns to localhost anyways - localhost has no privileges. When running SHOW GRANTS FOR root this is what I get in return:

Error Code: 1141. There is no such grant defined for user 'root' on host '%'

How can I get root its access back? Can someone please guide me on this?