Dynamic Latest Month Selection in a List Slicer

Your approach is actually the usual workaround and it's reliable, just make sure the "Latest Month" label column has the real month column set under Group By Columns (or sorted by it), so the selection sticks to the label and not to a specific month after each refresh. A couple of caveats: it only moves when the model refreshes, and users with persistent filters on will keep their last pick until they hit Reset to default.

If you'd rather go native, try a Date picker slicer on the date column with a relative selection anchored to "Last date" (e.g. last 1 month), so it follows the latest data automatically: https://learn.microsoft.com/en-us/power-bi/visuals/desktop-slicer-filter-date-range

Hope this helps! https://www.linkedin.com/in/richard-ampie-218a07247/