Density Fluctuations and Primordial Black Hole Formation in Natural Double Inflation in Supergravity

We investigate the recently proposed natural double inflation model in supergravity. Chaotic inflation first takes place by virtue of the Nambu-Goldstone-like shift symmetry. During chaotic inflation, an initial value of second inflation (new inflation) is set, which is adequately far from the local maximum of the potential due to the small linear term in the K\"ahler potential. Then, primordial fluctuations within the present horizon scale may be produced during both inflations. Primordial fluctuations responsible for anisotropies of the cosmic microwave background radiation and the large scale structure are produced during chaotic inflation, while fluctuations on smaller scales are produced during new inflation. Because of the peculiar nature of new inflation, they can become as large as $10^{-1}$-$10^{-2}$, which may lead to the formation of primordial black holes.