WP Rest API v2 filter and display latest post with specific tag

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documentation on wordpress.org.

But let’s have a look at this particular example:

https://demo.wp-api.org/wp-json/wp/v2/posts?per_page=5&tags=3

The 5 in there is the number of posts you want returned. The 3 is the id of the tag you want to limit the posts too.

If you want to limit to a category use categories instead.