Create a page that automatically redirects to latest post of a specific tag/category?

I’m going to list the steps below which worked for me:

Step 1) In the Admin Panel create a Page called “Latest News” which will have the slug you want latest-news.

Step 2) In your Theme Folder create a blank file and save it as page-latest-news.php. Inside the file, add this:

<?php
    $recent = wp_get_recent_posts(array('numberposts' => 1));
    $blogID = get_option('page_for_posts');

    if(!empty($recent))
        wp_redirect(get_permalink($recent[0]->ID) ,307);
    else
        wp_redirect(get_permalink($blogID), 307);

Step 3) Upload your page-latest-news.php file and test it out.

I decided to go with 307 redirects because of the Temporary status, which I imagine the latest post will change frequently. Hope it works for you!