For example, a 1 year .info registration at GoDaddy is only $2.99. However if I want to renew the domain for another year it's $8.99! Why can't they offer the same $2.99 for an annual renewal? I believe most registrars are like this.
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Because the 8.99$ is the real price for 1 year of domain registration. The 2.99$ is just a special offer for first time registered domain.
Its just a "bait" price.
Basically "Here, have it for cheap to test drive it, if you like it the full price is this"
For example, a 1 year .info registration at GoDaddy is only $2.99. However if I want to renew the domain for another year it's $8.99! Why can't they offer the same $2.99 for an annual renewal? I believe most registrars are like this.
Did you really think there was not some kind of "trick" behind these low prices? Godaddy.com is the Goliath of the registrars and as such they can afford giving away tons of registrations for a smaller price but keeping that name on your account is their real business, but still you can get some coupons to cheaper renewal go to this thread https://www.namepros.com/domain-name-discussion/577802-godaddy-discount-codes.html and patiently look for some posts from people who renewed their domains at lower costs.