Line a small sieve with a coffee filter. Put the yogurt in it, set it over a bowl, and refrigerate 2 hours. Discard the expressed liquid and put yogurt in a bowl.
Whisk the honey and extract into the yogurt.
Cut the peaches into wedges. Sprinkle the yogurt with a little of the cereal for texture and crunch. Serve yogurt with the peaches for dipping.
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