  We investigate the possibility that the Universe may inflate due to moduli
fields, corresponding to flat directions of supersymmetry, lifted by
supergravity corrections. Using a hybrid-type potential we obtain a two-stage
inflationary model. Depending on the curvature of the potential the first stage
corresponds to a period of fast-roll inflation or a period of `locked'
inflation, induced by an oscillating inflaton. This is followed by a second
stage of fast-roll inflation. We demonstrate that these two consecutive
inflationary phases result in enough total e-foldings to encompass the
cosmological scales. Using natural values for the parameters (masses of order
TeV and vacuum energy of the intermediate scale corresponding to gravity
mediated supersymmetry breaking) we conclude that the $\eta$-problem of
inflation is easily overcome. The greatest obstacle to our scenario is the
possibility of copious production of cosmologically disastrous primordial black
holes due to the phase transition switching from the first into the second
stage of inflation. We study this problem in detail and show analytically that
there is ample parameter space where these black holes do not form at all. To
generate structure in the Universe we assume the presence of a curvaton field.
Finally we also discuss the moduli problem and how it affects our
considerations.
