* ASX 200 falls for third straight session

* Energy stocks post worst weekly fall since March 17

* Australia's May CPI data due next week

June 23 (Reuters) - Australian shares fell amid a deepening all-sector sell-off on Friday, and posted their worst weekly fall in over three months, as markets assessed the impact of high prices and hawkish measures from central banks on the global economy.

The S&P/ASX 200 index closed 1.3% lower at 7,099.20, falling for the third straight session. The benchmark lost 2.1% in the week - its worst weekly drop since mid-March.

Bank of England's higher-than-expected 50 basis point interest rate hike, recent unexpected hikes in Australia and Canada and the U.S. Federal Reserve's forecast for two more hikes weighed on investor sentiment.

Meanwhile, the Reserve Bank of Australia (RBA) is expected have more tightening cycles to tackle still-sticky inflationary pressures resulting from the Covid-19 pandemic, Bill Evans, chief economist at Westpac Group, wrote in a note.

The country's May consumer prices data is due next week, with brokerage Citi forecasting a deceleration in headline inflation to 6.1%.

"A number below 6% in monthly inflation reading would be needed for the RBA to divert from its course of rate hikes at their policy meeting in July," said Josh Gilbert, market analyst at eToro.

Energy stocks slumped 4% and logged their biggest decline since March 16. The sub-index closed down 4.9% for the week, its lowest since the week ended March 17.

Oil prices plunged overnight as a bigger-than-expected Bank of England rate hike prompted worries about fuel demand.

Woodside Energy fell 4.6% and Santos dropped 4.3%.

Following suit, banks edged down 1.5%, seeing their worst day since May 31. The so-called "Big Four" banks slid between 1.4% and 2.1%.

Mining stocks fell 1.2%.

Gold stocks, too, declined for a fourth straight session, falling 1.7% as the bullion hovered near a three month low.

New Zealand's benchmark S&P/NZX 50 index was flat at the close of trade. ($1 = 1.4930 Australian dollars) (Reporting by Poonam Behura in Bengaluru; Editing by Sonia Cheema)