Lemma 17.4.3 states that if $f:X \rightarrow Y$ is a morphism of ringed space, $G$ is a locally free $O_Y$-module, then $f^*G$ is a locally free $O_X$ module.
Suppose that $G$ is a locally free $O_Y$ module, hence it is a free $O_Y|_U=O_U$ module. We have an induced map $$f^{-1}(U) \rightarrow U$$ given by restriction of morphism of ringed spaces.
Hence, as $\bigoplus O_U \simeq G|_U$, $f^*:Mod(O_U) \rightarrow Mod(O_{f^{-1}(U)})$ is functorial, $f^*(G|_U) = (f^*G)|_{f^{-1}(U)}$, we have isomoprhism, $$ \bigoplus O_{f^{-1}(U)} \simeq (f^*G)|_{f^{-1}(U)} $$
Answer fully inspired from @Kreiser's comments.
Let $x\in X, y=f(x)$. Let $V \subseteq Y$ be an open neighborhood of $y$ and $U=f^{-1}(V)$.
$G$ is a locally free $\mathcal O_X$-module, hence $G|_{V}\cong \bigoplus\limits_{i=1}^n \mathcal O_Y|_V$.
Pullback commutes with direct sum hence $(f^*G)|_{U}\cong \bigoplus\limits_{i=1}^n f^*(\mathcal O_Y|_V) \cong \bigoplus\limits_{i=1}^n \mathcal O_X|_U $ in a neighborhood of $x$.