The most common and most likely answer to this crossword clue is the 5 letter word VOGUE
I've seen this crossword clue in The Daily Telegraph
V
O
G
U
E
Buddy explains!

The straight part
We know that "The latest" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case the latest = vogue.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does VOGUE mean?
VOGUE noun- The prevailing fashion or style.
- Popularity or a current craze.
- A highly stylized modern dance that evolved out of the Harlem ballroom scene in the 1960s.
- A cigarette.
- To dance in the vogue dance style.
- To light a cigarette.