  A new shifted hybrid inflationary scenario is introduced which, in contrast
to the older one, relies only on renormalizable superpotential terms. This
scenario is automatically realized in a concrete extension of the "minimal"
supersymmetric Pati-Salam model which naturally leads to a moderate violation
of Yukawa unification so that, for mu>0, the predicted b-quark mass is
acceptable even with universal boundary conditions. It is shown that this
extended model possesses a classically flat "shifted" trajectory which acquires
a slope via one-loop radiative corrections and can be used as inflationary
path. The constraints from the cosmic background explorer can be met with
natural values of the relevant parameters. Also, there is no disastrous
production of magnetic monopoles after inflation since the Pati-Salam gauge
group is already broken on the "shifted" path. The relevant part of inflation
takes place at values of the inflaton field which are not much smaller than the
"reduced" Planck scale and, thus, supergravity corrections could easily
invalidate inflation. It is, however, shown that inflation can be kept intact
provided that an extra gauge singlet with a superheavy vacuum expectation
value, which originates from D-terms, is introduced and a specific form of the
Kaehler potential is used. Moreover, it is found that, although the
supergravity corrections are sizable, the constraints from the cosmic
background explorer can again be met by readjusting the values of the
parameters which were obtained with global supersymmetry.
