  We construct a natural inflation model in supergravity where the inflaton is
identified with a modulus field possessing a shift symmetry. The superpotential
for the inflaton is generated by meson condensation due to strong dynamics with
deformed moduli constraints. In contrast to models based on gaugino
condensation, the inflaton potential is generated without $R$-symmetry breaking
and hence does not depend on the gravitino mass. Thus, our model is compatible
with low scale supersymmetry.
