A one-two punch of higher commodity prices and increasingly frugal US consumers is forcing Coca-Cola’s largest bottler to write down the value of its business by $5.3bn.

The non-cash writedown by the bottler, Coca-Cola Enterprises, led Coca-Cola itself to take a $1.1bn writedown in its second-quarter results, reducing its earnings per share by 40 cents to 61 cents, 23 per cent down on the same period last year.