Hello and welcome.
The Local Items in your Keychain are those passwords and other form data that are synced to your other devices via iCloud.
Normally, you will get that prompt if you have changed your user account password recently, and the Keychain password is still using your previous password.
-Which version of OS X?
-Are you using iCloud and possibly > System Preferences... > iCloud > iCloud Keychain syncing?
-Have you recently changed your user password? If so, have you tried entering your old user password?
C