Can someone help me understand the CPI print. The number given...

Can someone help me understand the CPI print. The number given is year on year.

People are celebrating a CPI print that is 0.1% less than this time last year

However, being a year on year % increase, doesn't that still mean that goods are 15% more expensive than they were TWO years ago? In what world is this an indication of inflation having peaked?
We still have many primary production futures contracts that were on pre covid rates that are moving to inflation rates that are not yet passed into consumers

I also reject that any fed has raised rates "aggressively", it's been a tedious crawl!